3IF Ventures Raises US$12 Million to Support African Insurtech Startups

Impact venture capital firm 3IF Ventures has reached a US$12 million first close of its Inclusive Insurance Investment Fund, a dedicated investment vehicle focused on backing insurtech startups across Africa.

The fund is anchored by FSD Africa Investments (FSDAi) and pan-African reinsurer ZEP-RE and is targeting a final close of US$30 million. Investments will range from pre-seed to Series B, with the fund combining equity financing and technical support to help startups strengthen operations, expand distribution, and improve product development. Founded by Anthony Chaillet and Mario Wilhelm, 3IF Ventures plans to build a portfolio of between 15 and 20 companies operating across sectors including climate resilience, agriculture, digital health, and SME protection.

Tackling Africa’s Insurance Gap

The launch comes as investors increasingly look at insurance as one of the continent’s largest untapped financial services opportunities. Despite progress in digital banking, payments, and lending, insurance penetration remains low across much of Africa. More than one billion people remain uninsured, leaving households, farmers, and businesses vulnerable to financial shocks ranging from health emergencies to climate-related losses.

3IF Ventures believes technology can play a key role in closing that gap by helping insurers reach underserved customers through more affordable and accessible products.

The fund’s focus on insurtech shows growing recognition that insurance remains one of the least digitised segments of Africa’s financial services sector despite its potential social and economic impact.

More Than Capital

In addition to providing funding, the Inclusive Insurance Investment Fund includes a technical assistance facility designed to support portfolio companies beyond investment. The facility will help startups strengthen product design, improve distribution models, and address operational challenges that frequently limit growth. This approach reflects the unique nature of insurance businesses, which often require specialised expertise, regulatory compliance, and strong partnerships with insurers and reinsurers.

The involvement of ZEP-RE is expected to provide portfolio companies with access to industry knowledge and networks that can accelerate market entry and expansion.

Supporting the Next Generation of Insurtech Startups

According to 3IF Ventures, the fund aims to support startups capable of addressing some of Africa’s most pressing protection challenges. Areas of focus include climate insurance for vulnerable communities, agricultural risk management solutions, digital health coverage, and insurance products tailored to the needs of small and medium-sized enterprises. The firm is also using catalytic and blended finance structures designed to attract additional private-sector investment into the sector.