Insurtech startup ETAP raises $1.5 million

The startup uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.

Insurtech startup ETAP raises $1.5 million

ETAP, a Nigerian-based insurtech startup has secured $1.5 million in a pre-seed funding round led by Mobility 54 (the Venture Capital arm of Toyota Tsusho and CFAO Group), with participation from Tangerine Insurance, Graph Ventures (invested in Clubhouse), Newmont, and other angel investors.

  • The new funding will support the roll-out of ETAP’s game-changing app which allows drivers to buy insurance in 90 seconds, complete claims in 3 minutes or less, and get rewarded for good driving and avoiding accidents.
  • The startup uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely.
  • Since launching in beta in November 2021, ETAP has insured more than 130,000 individual trips and over 500,000 kilometres in car journeys, which represents more than eight times the total distance of paved roads in Nigeria.