Kenya’s insurtech startup raises extra $3.7m seed round to expand insurance product offerings

Lami Technologies, a Kenyan insurtech startup, raised $3.7 million in a seed round extension this week to expand its insurance product offerings. Harlem Capital led the funding round. Participants included Newtown Partners, Peter Bruce-Clark, Caribou Honig, and Jay Weintraub. 

Lami enables businesses to offer digital insurance products to their users via an Application Programming Interface (API), which partner businesses can also use to manage their insurance needs. For example, Lami collaborates with Sendy, a Kenyan startup that builds fulfillment infrastructure for eCommerce and consumer brands, to provide per-trip transit insurance to freight carriers in Kenya, Uganda, and Tanzania. It also partners with Kwara, a Kenyan fintech startup, to make insurance products available to members of the Savings and Credit Co-Operative Society (SACCO). 

Lami will use the funds to hire, fast-track its expansion plans, and drive underwriter partnerships. The CEO also disclosed that the startup has expanded into Egypt and Nigeria.