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3IF Ventures, a Mauritius-based pan-African fund dedicated to closing Africa’s insurance protection gap, has made its first investment, backing Nairobi-based InsurTech Turaco.
Neither company disclosed the size of the investment, but 3IF Ventures states that it typically writes tickets of $250k to $750k at the early stage, rising to above $1 million for Series A and B rounds, and invests across the insurance sector and adjacent industries from pre-Seed through Series B. In June this year, 3IF Ventures announced the first close of the Inclusive Insurance Investment Fund (3IF Ventures) at $12 million.
“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, 3IF Ventures.
3IF Ventures says its investment is based on 3A-Challenge: access, affordability and awareness. The firm argues that these are the structural barriers that keep insurance from reaching most of the continent.
It further states that more than 90% of African households and MSMEs lack insurance, and that its strategy is to back early-stage, tech-enabled businesses addressing that gap, combining capital with hands-on portfolio support to help companies scale and attract follow-on funding.
For 3IF Ventures, backed by limited partners including ZEP-RE and FSD Africa Investments, the Turaco deal marks the start of its investment journey, betting on a startup already testing whether its Africa-built model can travel to new geographies.
Founded in 2019 by Ted Pantone and Peter Gross, Turaco is an embedded insurance platform that provides simple and affordable insurance products to underserved customers in Africa. Since its inception, the company has reached more than 8 million people across six African markets and is expanding to Asia with a launch in Pakistan.
The company has grown steadily since launching in Kenya and Uganda in 2019. It raised a $2 million Seed round in 2020, followed by a $10 million Series A in 2022 that funded its entry into Nigeria. It added Ghana in 2023, secured microinsurance underwriting licences in Uganda and Kenya in 2024, and crossed 5 million insured customers in 2025 while launching in Zambia and Pakistan.
It has set itself the long-term ambition of insuring a billion people worldwide, doubling the number of people globally who hold cover.
Turaco’s model rests on three pillars: distribution through embedded partners such as ASA International, M-KOPA and Safaricom PLC, proprietary underwriting and claims technology, and a focus on affordable microinsurance for low-income households.
“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.
While Turaco did not disclose how it plans to use the new capital from 3IF Ventures, it is likely to be used to expand its team and strengthen its presence in the new market.
