Kenyan insurtech startup, Lami Technologies has announced that it has raised a $3.7 million seed round extension to expand its insurance product offerings.
The funding was led by Harlem Capital with other investors including Newtown Partners, Peter Bruce-Clark, Caribou Honig, and Jay Weintraub.
Lami enables businesses to offer digital insurance products to their users, which partner businesses can also use to manage their insurance needs using an Application Programming Interface (API).
For instance, Lami collaborates with Sendy, a Kenyan startup that builds fulfillment infrastructure for eCommerce and consumer brands, to provide per-trip transit insurance to freight carriers in Kenya, Uganda, and Tanzania.
The startup is also working with Kwara, a Kenyan fintech startup, to make insurance products available to members of the Savings and Credit Co-Operative Society (SACCO).
Other customers include Stanbic Bank Insurance, which uses Lami’s technology to power bancassurance products, Jumia, and MarketForce.
The startup co-designs products with its underwriting partners, currently numbering 25, and use its API to facilitate insurance product distribution via a B2B2C approach.
According to Jihan Abass, CEO, the company intends to innovate to increase insurance penetration across the continent constantly.
Furthermore, Lami wants to serve the entire insurance ecosystem. It plans to assist existing players in becoming more efficient in their product distribution, allowing them to play a role in increasing insurance penetration.
Lami will use the funds to hire, fast-track its expansion plans, and drive underwriter partnerships. The CEO also disclosed that the startup has expanded into Egypt and Nigeria.