ETAP raises $1.5m for better driving and making roads safer
By Jeph Ajobaju, Copy Editor
Insurtech ETAP has raised $1.5 million in funding to improve car insurance penetration and facilitate better driving and safer roads across countries in Africa.
The startup says it is working with a wide range of automotive value chain players to help achieve its aim.
The funding round, led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group), also saw participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), Newmont, and other Angel investors.
ETAP said the funding will support the rollout of its game-changing app which allows drivers to buy insurance in 90 seconds, complete claims in three minutes or less and also get rewarded for good driving while avoiding accidents.
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Catalyst for better driving
ETAP and Mobility 54 both expressed satisfaction with the deal, according to reporting by Nairametrics.
Ibraheem Babalola (ETAP founder and Chief Executive Officer)
“Just like any other digital service, we believe Nigerians should be able to buy and claim car insurance without having to ‘call a guy’. We also believe that rewarding good drivers can be a catalyst for better driving and making our roads safer.
“This is why we have created Africa’s most powerful car insurance app and we are excited to have raised these funds to bring more users on board.
“Too often, the process of buying and claiming insurance in Africa is so out of touch with the everyday reality of most people but we are changing the game and making the process just as enjoyable as any other experience that consumers access on the mobile phone.”
Yumi Takagi (Mobility 54 Project Manager)
“ETAP is addressing many challenges that impact the automotive experience in Africa and we are excited to support and work with them to bring their innovation to more drivers across the continent.
“We believe that ETAP will engage with this important role and revolutionise the automotive insurance industry with their powerful technology.
About ETAP
ETAP utilises machine learning in building intelligent risk profiles that help determine appropriate premiums for each driver and also allow them to achieve lower premiums by driving safely.
Drivers have flexible coverage options that include daily, weekly, monthly, quarterly and annual plans, depending on their needs and affordability.