Casava

Casava is a Nigerian insurance service founded in 2016 by CEO Bode Pedro, Alexandra Vasquez and Matthew Filey. The company provides insurance services and packages created to protect the income of its consumers in the event of loss of work or wages. The company's services offer life and property microinsurance products and services for individuals and small businesses for the Nigerian market, allowing customers to buy insurance, file claims and receive reimbursement.

History

2022: Attracting Investment from Target Global

In May 2022, it became known about the investment of $4 million in Casava. The funding round was led by a fund with Russian roots Target Global with the participation of Entrée Capital, Oliver Jung, Monzo founder Tom Blomfield and Stash founders Ed Robinson and Brandon Krieg. The investment deal was also attended by African founders such as Uche Pedro (founder of BellaNaija), Babs Ogundeyi and Musti Mustafa (co-founders of Kuda), Shola Akinleid (co-founder of Paystack), Olugbeng "GB" Agboave (co-founder of Yemojundani, and Buuttbeng) and others.

The funds received will be used to attract customers and expand the business, as well as to further develop the product and technological stack. Casava already has more than 66,000 customers, whose insurance coverage is about $16 million. With Casava Income Protection, customers can insure their income with an easy-to-use subscription that starts at only $1 a month, and in the event of a job loss, illness or disability, receive monthly payments for six months. Customers can also connect Casava Health, which provides access to more than 1,000 telemedicine physicians and 900 hospitals across Nigeria.

Target Global founded by Russians invested in Nigerian health insurance service

Customers can subscribe to Casava insurance products directly through a website, mobile app, or WhatsApp. The company will also work with financial and digital partners to implement insurance products in their offerings, gaining access to more than 500 thousand financial services agents to reach customers across the country. Casava will provide these agents with the opportunity to offer insurance and earn commissions from customers on a regular basis.

Our mission is to provide affordable insurance for Nigerians and other Africans, and we are happy to attract these funds from an interesting group of investors, "said Bode Pedro," Since less than one percent of the country's population is insured, Nigeria (and Africa) is an unused insurance market. We want to remove barriers to the introduction of insurance and increase the value of insurance to consumers throughout the country.

We are pleased to support their mission to make insurance more affordable. One of the first companies of its kind in the region, Casava has the potential to change the lives and livelihoods of millions of people, said Ricardo Schäfer, partner at Target Global.[1]

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