Mauritius-based pan-African fund 3IF Ventures has made its first investment by backing Nairobi-based InsurTech Turaco, supporting the company’s efforts to make insurance more accessible and affordable for underserved customers across Africa.
The investment is focused on one of the continent’s major insurance challenges: limited access to affordable cover. 3IF Ventures says more than 90% of African households and MSMEs lack insurance. Its investment strategy is built around what it calls the 3A-Challenge: access, affordability and awareness.
Investment Targets Africa’s Insurance Gap
3IF Ventures invests in early-stage companies using technology to address the insurance gap. The fund also provides hands-on support to help businesses grow and secure further funding.
The size of the Turaco investment was not disclosed. However, 3IF Ventures says it typically invests between $250,000 and $750,000 at the early stage. Its investments can exceed $1 million for Series A and B rounds.
The Turaco deal follows the fund’s first close of the Inclusive Insurance Investment Fund at $12 million in June. Its limited partners include ZEP-RE and FSD Africa Investments.
“Turaco has built a very strong model with clear traction and expansion strategy. We are excited to work alongside Ted and the team on the next phase of growth,” said Anthony Chaillet, General Partner at 3IF Ventures.
For the fund, the investment also provides an opportunity to support a company that has already developed an Africa-focused insurance model and is taking it into new markets.
Turaco Builds on Eight Million Customers
Founded in 2019 by Ted Pantone and Peter Gross, Turaco provides simple and affordable insurance products through an embedded insurance model. The company has reached more than 8 million people across six African markets and is now expanding into Asia through its launch in Pakistan.
Turaco began operations in Kenya and Uganda in 2019. It raised a $2 million Seed round in 2020 and a $10 million Series A in 2022, which supported its expansion into Nigeria. Ghana was added in 2023, followed by microinsurance underwriting licences in Uganda and Kenya in 2024. In 2025, Turaco passed five million insured customers and launched in Zambia and Pakistan.
Its model combines distribution through partners such as ASA International, M-KOPA and Safaricom PLC with proprietary underwriting and claims technology. It also focuses on affordable microinsurance for low-income households.
Turaco has set a long-term goal of insuring one billion people worldwide.
“We are excited to welcome the 3IF Ventures team as partners in Turaco. As one of Africa’s leading insurance innovators, it will be great to have such seasoned (re)insurance experts in our corner,” said Pantone, co-founder and CEO of Turaco.
