3IF Ventures (the Fund), the first impact venture capital fund dedicated to Africa's insurance start-up ecosystem, has announced the First Close of the Inclusive Insurance Investment Fund (3IF Ventures) at $12m.
The Fund is co-anchored by FSD Africa Investments (FSDAi) and ZEP-RE (PTA Reinsurance Company), and will provide equity capital from pre-seed to Series B to early-stage businesses across Africa.
Africa’s insurance protection gap is one of the most underserved opportunities but also one of the most significant barriers to economic resilience on the continent. Uptake remains constrained by three persistent challenges: awareness, accessibility, and affordability, resulting in over 1 billion people not having access to any form of insurance cover.
3IF Ventures backs technology-enabled insurance businesses across four thematic verticals: climate and disaster resilience, agriculture and rural livelihoods, digital health and wellbeing, SMEs and asset protection. The Fund, which targets a final close of $30m, plans approximately 15-20 portfolio investments. 3IF Ventures will also operate a technical assistance facility sized at approximately 20 percent of total fund commitments.
3IF Ventures is structured as a blended investment vehicle including a catalytic capital junior tranche used to unlock private capital.
3IF Ventures is the General Partner and Investment Manager of the Inclusive Insurance Investment Fund – the first impact venture capital fund dedicated to Africa’s insurance start-up ecosystem.
FSD Africa Investments (FSDAi) is a specialist financial sector investor established by FSD Africa and the UK’s Foreign, Commonwealth and Development Office to strengthen and deepen Africa’s financial markets. Its strategic investments take on early risk, test new models and catalyse capital from others to gradually transition the financial sector to finance Africa’s economic resilience and growth.
ZEP-RE is a leading pan-African reinsurer and specialised institution of the Common Market for Eastern and Southern Africa established in 1990 with a mandate to develop the (re)insurance industry, build capacity, mobilise investments and deepen financial inclusion. It has operations in over 45 African countries with headquarters in Nairobi, Kenya and eight country/regional offices spread across Sub-Saharan Africa in Côte d’Ivoire, D.R. Congo, Ethiopia, Sudan, Uganda, Zambia, and Zimbabwe. ZEP-RE’s subsidiary ACRE Africa focuses on resilience and credit access for smallholder farmers through technology and insurance with six offices across Africa.