24 November 2020 – Open Capital is proud to have advised Turaco on its recent $2M equity raise. Turaco currently operates in Kenya and Uganda, offering life and health insurance to underserved populations with affordable, fast, and customer-oriented products. In Sub-Saharan Africa, less than 2% of the population is insured – Turaco hopes to change this through rapid scale, which this new round of financing will enable. 

The Open Capital team served as transaction advisor to Turaco, working over a 3-month period to support development of the financial model, data room, and guide due diligence. The round was led by Novastar Ventures alongside Mercy Corps Ventures, Musha Ventures, GAN ventures, Zephyr Acorn, and additional existing investors. This is one of >20 transactions led by Open Capital in 2020 and hundreds since 2010. 

Open Capital has supported >$600M of transactions across Africa, supporting some of Africa’s most innovative businesses to scale. Our capital markets team specializes in raising finance for SMEs, startups, and large privately-owned companies in the Agribusiness, Energy, FMCG, Technology, and Manufacturing sectors, often using hybrid financial structures. Please see more information here. 

If you are interested in learning more about Open Capital, please contact our Head of Capital Markets, Tibor Almassy, at talmassy@opencapital.com.