Kenyan insurtech Lami raises $3.7M seed extension led by Harlem Capital

Right from the launch of its first product in 2020, Kenyan insurtech Lami Technologies set out to increase insurance penetration in Kenya and the rest of Africa. It began on this path by building and distributing an end-to-end digital insurance platform and API that allowed businesses in different sectors to create tailored insurance solutions for their customers. 

With its API platform gaining ground in the insurance space, the startup is also planning to provide tech solutions that will digitize agents and brokers too, helping them streamline their operations — to reach a wide customer base and sell online. These plans also include enabling the digitization of traditional insurers as innovation continues to shape the industry. 

Speaking to Techcrunch, Lami’s founder and CEO Jihan Abass further announced plans to offer additional insurance product lines, while also revealing that the startup has made an entry into Egypt and Nigeria. All this against the backdrop of a $3.7 million seed extension raised in a round led by Harlem Capital — which invests in minority and women founders. 

Other investors that participated in the round include early-stage VC firm Newtown Partners, Peter Bruce-Clark (a partner at New York’s research-driven venture capital company Social Impact Capital), Caribou Honig and Jay Weintraub of InsureTech Connect (a networking platform for insurtech innovators) and senior members from Exotix Advisory, a corporate finance and mergers and acquisition boutique focused on emerging markets. The latest funding adds to the $1.8 million seed funding the insurtech raised last year. 

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