ETAP Raises $1.5m in Pre-Seed Round

Latest news from ETAP, who have secured fresh funding;

ETAP, an insurtech startup that makes it easier to buy and claim insurance, has secured $1.5 million in pre-seed funding to grow its team and drive the adoption of much-needed car insurance across Africa. Starting in Nigeria, the new funding will support the roll-out of ETAP’s game-changing app which allows drivers to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents.

The ETAP app covers drivers aged 18-65 in Nigeria and vehicles must be 20 years old or younger. Braking, traffic laws, speed, time of day etc are all factors in the scoring system.

The pre-seed funding round was led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group), with participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), Newmont, Voltron Capital and other angel investors. Working with a wide range of automotive value chain players, ETAP will also explore other opportunities to deliver much-needed insurance services for car owners in other countries across the continent.

INSURANCE IS A RARE THING

Despite longstanding regulation making car insurance compulsory and more than 100,000 car accidents reported between January 2019 and December 2021, only one in five cars in Nigeria are currently insured.

The complexities of buying and claiming insurance has led to widespread apathy for traditional insurance companies and products, with many car owners opting to go without insurance. With ETAP, the entire process of buying and claiming insurance happens exclusively on a smartphone, enabling a seamless and enjoyable insurance experience for users.

About alastair walker 10175 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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