Firm secures $1.5 million funding to drive car insurance

An insurance technology startup, ETAP, has secured $1.5 million in pre-seed funding to drive the adoption of much-needed car insurance across Africa.

Starting from 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.

Mobility 54 led the pre-seed funding round with participation from Tangerine Insurance, Graph Ventures, Newmont 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.

Despite longstanding regulations 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.