GreenTec Capital Partners has announced its investment in Bismart, a Kenyan insurance aggregator.
"GreenTec Capital is very pleased to announce its investment into Bismart Insurance from Kenya," read the statement. Although the investment amount wasn't stated.
According to GreenTec, Bismart is "leveraging on cutting-edge technology" to offer "insurance products and services across Africa."
The company CEO, Eric Yong said: " One of the biggest challenges for innovative startups in Africa is the implementation of solutions with distribution channels that have Pan-African reach."
Adding that " Bismart’s application of emerging technologies solves this problem brilliantly, while disrupting the insurance value chain from customer acquisition to risk management."
Founded in July 2017, by Eunice Wagithi Maina, Bismart's vision is "to enable every African to access insurance."
Currently, according to the statement, "insurance adoption in Sub-Saharan Africa is in the low single digits with South Africa as an exception with a rate above 10%."
This is partly due to lack of trust, reliance by insurance companies on traditional premium collections and claims payout means as well as unsteady cash flow by the consumers.
Bismart will, thus, enable its users to access insurance in a "without the burden of immediate out-of-pocket payments, in a transparent, convenient, and friendly manner."
According to GreenTec capital, before raising from them, Bismart had an initial commitment from another investor. WhicWazi Vision Secures $800,000, Joins Safarini Translator and Divine Masters as Ugandan Startups Funded by GreenTec Capital
h they used to develop the platform.
"In addition to GreenTec’s investment, Bismart has already benefited from the commitment of an initial investor to develop its platform and expects to be able to launch its service offerings by the start of Q4 2018."
GreenTec has made a couple of investments across the continent. This includes Uganda's Wazi Vision, Ghana's AgroCenta, Nigeria's FarmCrowdy and more.