Nigeria’s MyCover.ai secures $1.25M in Pre-Seed funding. 1 other story and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today

 

1. Nigeria’s MyCover.ai secures $1.25M in Pre-Seed funding

 

A Nigerian insurtech startup, MyCover.ai, has announced securing a pre-seed funding round of $1.25 million.

The fund, which signifies the growing interest in Africa’s insurtech sector, highlights the potential for disruption in the continent’s insurance market. 

The funding, according to the startup, was led by Ventures Platform, a Pan-African venture capital fund.

Analysts noted that the new raiser showed that investors recognize the potential of the startup’s business model and its vision for the future.

The untapped market potential in Africa’s insurance industry may be a crucial factor driving investor interest in MyCover.ai. 

With the insurance market projected to grow at a CAGR of 7%, the estimated value of $120 billion offers significant opportunities for innovation and expansion. 

MyCover.ai’s focus on addressing the low insurance penetration rate of less than 3% further demonstrates a strategic approach to capturing a sizable share of the expanding market.

By offering an open insurance API and streamlining various processes, the startup aims to bridge the gap and increase insurance adoption in the region. 

READ ALSO:SimpliFi partners Lune to empower MENA Businesses. 2 other stories and a trivia

Tech Trivia: What is the most common use of a distributed blockchain?

1. Authenticating a website user’s login credentials
2. Confirming the authenticity of a downloaded file
3. Adding comments to a social media post
4. Saving records of cryptocurrency and NFT transactions

Answer: see end of post

 

2. AWS Global Fintech Accelerator opens call for application

 

America’s cloud computing services, Amazon Web Services (AWS), has opened call for applications into its latest edition if AWS Global Fintech Accelerator.

The opening, which underscores the growing importance of fintech startups leveraging AI/ML and cloud technologies, will see the selection of 150 fintech startups from various regions.

The region of interest shall include North America, Europe, Middle East, Africa, and Latin America, as AWS aims to foster innovation and support founders in bringing smarter financial services solutions to the market.

The six-week remote program, offering one-on-one mentorship on business and technical aspects, is a valuable opportunity for selected startups to refine their strategies, secure funding, and scale their operations. 

The emphasis on AWS technical fundamentals, cloud, and AI/ML adoption indicates the significance of these technologies in transforming the fintech landscape.

AWS noted that selected startups will benefit from a package that includes up to $25,000 in AWS Activate credits.

The demo day at the end of the program, where the top 15 companies showcase their solutions to key market players and potential investors, will provide a platform for visibility and potential funding. 

 

Trivia answer: Saving records of cryptocurrency and NFT transactions

A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. Blockchains are used for recording transactions made with cryptocurrencies, such as Bitcoin, NFT, and have many other applications.

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