In a continent where a single medical emergency can wipe out a family’s savings, one startup is rewriting the rules of financial protection and doing it with speed, empathy, and scale.
Turaco, a Nairobi-based insurtech, has grown from 100,000 users to millions across six African countries in just three years. The catalyst? A bold vision, embedded distribution, and a catalytic push from the Boost Africa Initiative.
“I Got Sick. Turaco Paid My Hospital Bill.”
Caroline Mimo Muri, a small business owner, never imagined insurance would be part of her entrepreneurial journey. “I joined Asha to expand my business. In the process, I got sick and was admitted. That’s when I learned I was covered by Turaco,” she recalls.
“I called Turaco. They gave me a WhatsApp number. I sent the documents, and the next afternoon, I received the money.”
Her story is one of thousands. Turaco’s model is built on speed, simplicity, and trust. What is the company’s median claims turnaround time? Just four hours.
From Startup to Safety Net: Turaco’s Growth Trajectory
| Metric | 2022 | 2025 |
| Active Users | 100,000 | 4.5 million |
| Annual Premiums | $1.5M | $12M |
| Markets | 3 | 6 (Kenya, Uganda, Nigeria, Ghana, Tanzania, Zambia) |
| Claims Turnaround | ~3 days | 4 hours |
“We are here to insure the next billion people,” says Ted Pantone, CEO and co-founder of Turaco. “Our mission is to make insurance simple, affordable, and accessible for the mass market.”
Boost Africa: More Than Capital
In 2022, Turaco raised Series A funding co-led by AfricInvest, a private equity fund backed by the European Investment Bank’s Boost Africa Initiative. But the support went beyond money.
“I was hesitant to spend my limited funds on coaching. Boost Africa stepped in with technical assistance grants. That decision transformed our leadership capacity,” says Pantone.
Boost Africa’s hybrid model, combining equity investment with technical assistance, enabled Turaco to:
- Hire executive coaches to upskill leadership
- Build proprietary tech to process claims for $0.50 (vs. $50 industry average)
- Digitally onboard low-income users at scale
- Expand into new markets with confidence
Investor Insights: What Makes This Scalable
George Odo, the MD for East and Southern Africa at AfricInvest, offers a candid view: “We looked at over 1,000 companies and invested in just 15. Turaco stood out because it had revenue, a scalable model, and a clear social impact.”
“We are not just bringing money. We bring technical support, governance, and a network,” says George. “That’s what makes Boost Africa unique.”
Here’s what other startups and investors can learn:
1. Revenue First, Profit Later
Boost Africa doesn’t fund pre-revenue ideas. “We invest in businesses that have tested their model and are generating revenue, even if they’re not yet profitable,” George explains.
2. Solve Real Problems
Turaco tackled a gap: insurance for the underserved. “It only takes one medical emergency to wipe out a family’s savings,” says George. “Turaco’s model prevents that.”
3. Build Tech That Scales
Turaco’s investment in automation and digital onboarding enabled it to serve millions without ballooning operational costs.
4. Partner Smart
By embedding insurance into existing services, Turaco sidestepped the need for costly customer acquisition.
5. Think Pan-African, Act Local
With offices in Kenya, Nigeria, and beyond, Turaco tailors its offerings to local realities while scaling regionally.
“We believe we can become the largest insurance company on the continent in the next 10 years,” Pantone declares.
That’s not just ambition; it’s a blueprint. And with the right capital and coaching combo, it’s replicable.
Boost Africa’s impact is clear: it is not just funding startups. It is building scalable solutions for Africa’s most pressing challenges.
