Digital Insurance company, Casava, successfully completed its pre-seed fundraising round. The insurtech company, which was founded by Bode Pedro – who also doubles as the CEO – raised $4 million.
The fundraising round had participations from investment companies like: Berlin-based Target Global – which led the pre-seed round.
Other foreign venture capital and angel investors such as Entrée Capital, Oliver Jung, Tom Blomfield, Ed Robinson and Brandon Krieg, also participated in the round.
Casava also had local investors participating in its pre-seed funding round. The local investors include: Uche Pedro, Babs Ogundeyi, Musty Mustapha, Shola Akinlade, Olugbenga “GB” Agboola, Honey Ogundeyi, Tosin Eniolorunda and Opeyemi Awoyemi, and others.
Casava claims that it would use the funds to scale its products, and make insurance cover accessible to more Nigerians.
Prior to founding Casava, Bode Pedro had worked with VisaCover – an insurance brokerage company – where he got the eureka moment that led to him starting Casava.
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In an interview with TechCrunch, Pedro discussed the motivation behind Casava. He said:
“We saw mass adoption and knew the market needed insurance payments to be broken down. But then we noticed that as brokers, we didn’t have full control about that process and we weren’t giving people the best experience. We knew if we were going to take insurance to the next level, then maybe we need to control that product and be involved in product end-to-end.”
Pedro launched Casava in 2021, with Olusegun Makinde as Chief Operating Officer (COO); after getting a microfinance license for the company.
The company currently provides insurance cover for health and job loss.
Casava prides itself of having more than 66,000 customers, and $16 million in insurance coverage.