Verdant Capital advises Alpha Direct on a pre-series A investment
The insurance sector in Africa is underpenetrated vs most of the world. Given complexity, accessibility and inflexibility, insurance is seen as being a product “that is only available to the rich”.
Alpha Direct is Africa’s only risk carrying Insurtech focused on delivering simple, affordable and accessible insurance products for Africa’s growing consumer market, using cloud, big data and AI.
The company has become the fifth largest short-term insurance underwriter in their home market in under five years, and is now focused on regional and continental expansion across Africa as well as entering the long-term insurance market.
The company recently won The African Insurance Award for Innovation of the Year, for their insurance in a box product sold through retail outlets (with a cloud-based activation and policy management platform) where they have acquired thousands of customers and are scaling up rapidly.
Over the next 5 years Alpha Direct plans to expand its product offering to include long-term insurance products as well to expand its footprint to include South Africa, Kenya, Egypt and Nigeria and has already launched in Zambia.
Alpha Direct plans to expand by leveraging technology, a rapidly growing distribution footprint and growing its product offerings.
Verdant Capital is currently advising Alpha Direct with respect to its Series A capital raise.