AXIAN Acquires Stake in Daba Portfolio Company WiASSUR

WiASSUR’s journey to this point was supported by Daba, a fintech platform that facilitated the company’s seed funding round in 2023.

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In a significant development for the African insurtech sector, AXIAN Group has acquired a stake in WiASSUR, a promising digital insurance broker part of Daba’s investment portfolio.

This move by the pan-African Group – through its subsidiary AXIAN Investment – a leading supporter of African startups, highlights the growing interest in innovative financial solutions across the continent.

WiASSUR: Revolutionizing Insurance in Africa

Founded in 2021 and headquartered in Abidjan, Ivory Coast, WiASSUR has been making waves in the insurance industry.

The company, co-founded by Teva Fontaine, operates as a digital insurance broker, offering a range of policies including auto, health, life, travel, and home insurance.

Their B2B2C business model aims to make insurance more accessible to African consumers through an online platform.

Daba’s Role in WiASSUR’s Growth

WiASSUR’s journey to this point was supported by Daba, a fintech platform that facilitated the company’s seed funding round in 2023.

Through Daba’s innovative approach, retail and institutional investors could participate in WiASSUR’s $300,000 seed round.

Retail investors could invest as little as $500 through Daba’s Direct SPV investment option, while institutional investors like Proximity Ventures were introduced through Daba’s Institutional Investor Network.

This diverse funding approach, combined with investments from lead investors First Circle Capital and Microtraction, provided WiASSUR with the capital needed for expansion into four new African markets.

Looking Ahead

AXIAN’s stake acquisition in WiASSUR marks a new chapter for the insurtech startup.

This deal, closed in mid-July 2024, positions AXIAN as WiASSUR’s second-largest shareholder. The Group will henceforth have a governance role in the company to actively contribute to its development.

With the backing of a major player like AXIAN, WiASSUR is well-positioned to accelerate its growth and further its mission of making insurance more accessible across Africa.

This development also underscores the value of platforms like Daba in nurturing promising startups and connecting them with retail and institutional investors.