ETAP, an insurance start-up has secured $1.5 million (about N621.75m) funding to grow its team and drive the adoption of 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 three minutes or less and get rewarded for good driving and avoiding accidents, it said in a statement.
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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, Newmont and other angel investors.
Despite compulsory car insurance regulation, among over 100,000 car accidents reported between January 2019 and December 2021, only one in five cars in Nigeria are currently insured, records have shown.
The CEO and founder of ETAP, Ibraheem Babalola, said the entire process of buying and claiming insurance happens exclusively on a smartphone, enabling a seamless and enjoyable insurance experience for users with ETAP.
Babalola disclosed that since launching in beta in November 2021, ETAP has insured more than 130,000 individual trips and over 500,000 kilometres in car journeys, which represents more than eight times the total distance of paved roads in Nigeria.
The Project Manager at Mobility 54, Yumi Takagi stated that ETAP is addressing many challenges that impact the automotive experience in Africa.