Technext Technext
  • Home
  • Stories
    • How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      1 day ago 0
      609
    • Social Media Roundup: Emefiele’s Money Out of Thin Air, 14th Headies Awards, Others
      Social Media Roundup: Emefiele’s Money Out of Thin Air, 14th Headies Awards, Others
      1 day ago 0
      37
    • ‘Early-stage Startups Need More than Just Funds’ – Key Points from the UK-Nigeria Tech Summit
      ‘Early-stage Startups Need More than Just Funds’ – Key Points from the UK-Nigeria Tech Summit
      1 day ago 0
      77
    • ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      2 days ago 0
      885
    • Of Drones and COVID-19 Vaccine Delivery with Arone CEO, Emmanuel Ezenwere
      Of Drones and COVID-19 Vaccine Delivery with Arone CEO, Emmanuel Ezenwere
      2 days ago 0
      71
    • Twitter Unveils ‘Super Follows’ Feature so You Can Charge for Exclusive Tweets
      Twitter Unveils ‘Super Follows’ Feature so You Can Charge for Exclusive Tweets
      2 days ago 0
      608
    • Manchester Utd Fans Across Africa Can Now Stream MUTV on StarTimes
      Manchester Utd Fans Across Africa Can Now Stream MUTV on StarTimes
      3 days ago 0
      869
    • Jumia Recorded Over 4.4 million Cancellations, Returns and Failed Orders Despite a Successful 2020
      Jumia Recorded Over 4.4 million Cancellations, Returns and Failed Orders Despite a Successful 2020
      3 days ago 0
      97
    • Due to Recent Events, is Remitano P2P the Remedy for Nigerians to Buy Bitcoin in Nigeria?
      Due to Recent Events, is Remitano P2P the Remedy for Nigerians to Buy Bitcoin in Nigeria?
      3 days ago 0
      190
  • Features
    • ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      2 days ago 0
      885
    • ‘I thought it was Spiritual Problem’- Nigerian Men on How Virtual Sports (Baby) Bankrupted Them
      ‘I thought it was Spiritual Problem’- Nigerian Men on How Virtual Sports (Baby) Bankrupted Them
      5 days ago 0
      266
    • Aeglehealth Lets You Get Medical Care from a Specialist Minutes after Booking an Appointment
      Aeglehealth Lets You Get Medical Care from a Specialist Minutes after Booking an Appointment
      6 days ago 0
      123
    • Symbiotic Relationships are Needed to Enhance Femtech Innovations – Abisola Oladapo, MumSpring Founder
      Symbiotic Relationships are Needed to Enhance Femtech Innovations – Abisola Oladapo, MumSpring Founder
      1 week ago 0
      162
    • CBN Didn’t Ban Cryptos to Fight Criminal Activities but to Curtail Capital Flight- Danny Oyekan, CEO of Dan Holdings
      CBN Didn’t Ban Cryptos to Fight Criminal Activities but to Curtail Capital Flight- Danny Oyekan, CEO of Dan Holdings
      2 weeks ago 0
      263
    • Tony Lauriola of Coins App Explains the Reason Young Africans are Embracing Cryptocurrencies
      Tony Lauriola of Coins App Explains the Reason Young Africans are Embracing Cryptocurrencies
      2 weeks ago 0
      335
    • Why Robotic Process Automation (RPA) is Taking Over Your Job
      Why Robotic Process Automation (RPA) is Taking Over Your Job
      2 weeks ago 0
      295
  • Reviews
    • How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      1 day ago 0
      609
    • Jumia Recorded Over 4.4 million Cancellations, Returns and Failed Orders Despite a Successful 2020
      Jumia Recorded Over 4.4 million Cancellations, Returns and Failed Orders Despite a Successful 2020
      3 days ago 0
      97
    • Apple Finally Tops Global Smartphone Market and Could Remain There with New iPhone 13
      Apple Finally Tops Global Smartphone Market and Could Remain There with New iPhone 13
      4 days ago 0
      453
    • Meet the 6 Nigerians Nominated for the £25,000 Africa Prize for Engineering Innovation
      Meet the 6 Nigerians Nominated for the £25,000 Africa Prize for Engineering Innovation
      5 days ago 0
      181
    • Onepipe Gives Businesses Access to Numerous Payment Gateways Without Multiple Integrations
      Onepipe Gives Businesses Access to Numerous Payment Gateways Without Multiple Integrations
      5 days ago 0
      110
    • Aeglehealth Lets You Get Medical Care from a Specialist Minutes after Booking an Appointment
      Aeglehealth Lets You Get Medical Care from a Specialist Minutes after Booking an Appointment
      6 days ago 0
      123
    • Tech Events this Week: UK-Nigeria Tech Summit, Startup Funding Webinar and Others
      Tech Events this Week: UK-Nigeria Tech Summit, Startup Funding Webinar and Others
      6 days ago 0
      142
  • Women in Tech
  • Videos
  • Contact Us
Go to...

    US-Based WorldCover InsurTech Raises $6m Series A Funding from Nigeria’s EchoVC

    Idris AbubakarIdris Abubakar
    May 6, 2019
    US-Based WorldCover InsurTech Raises $6m Series A Funding from Nigeria’s EchoVC

    Insurance technology startup, WorldCover has raised $6 million in its Series A funding round from EchoVC, one of Nigeria’s most prominent venture companies.

    The funding round was led by MS&AD Ventures and also had big-name investors like Y Combinator and Western Technology co-investing.

    This is the latest investment from the Nigeria-based EchoVC. Importantly too, the investment in WorldCover signals EchoVC’s recent push to identify and invest in non-Nigerian startups. Currently, Nigerian startups and startups operating in Nigeria represent its largest portfolio grouping. They include startups like LifeBank, Hotels.ng, Cellulant, and Printivo.

    US-Based WorldCover InsurTech Raises $6 million Series A Funding from Nigeria's EchoVC

    LifeBank is one of EchoVC’s many Nigeria-based portfolio companies

    From 2018 however, EchoVC has pursued investments in non-Nigerian startups. One such bold move was a $2.5 million investment in Kenya-based Kukua edtech company.

    The investment in WorldCover also follows a similar path.

    Founded in 2015, WorldCover is in the insurance business. The startup provides climate insurance for farmers and uses technology to monitor activities and climate risks for farmers.

    Climate change is a big global concern today, and its exigencies are felt harshly by farmers. With climate uncertain and natural disasters like droughts and flooding very likely, farmers have become highly vulnerable today.

    But the situation is even more worrisome in Africa where millions of farmers exist. Unlike developed regions of the world, farming in Africa is largely fragmentary. Many farmers are into subsistence farming and the ones who try to commercialise it don’t have large enough farms and resources to grow their business. As a result, commercial farming is underfinanced in Africa.

    The risk of losing harvests and crops to climate issues puts an even more significant burden on African farmers. With many largely dependent on their agricultural products for income, one drought or flooding could send them into extreme poverty.

    WorldCover exists to ensure this does not happen. Through its insurance coverage, the startup provides a lifeline for farmers in the event of such emergencies.

    US-Based WorldCover InsurTech Raises $6m Series A Funding from Nigeria's EchoVC

    WorldCover uses USSD technology to provide insurance coverage for farmers

    With feature phones still quite popular across Africa, WorldCover uses a USSD solution to reach more farmers. With USSD, farmers can select insurance plans that work for them and their farm produces.

    “Weather-risk drives a lot of decisions with these farmers on what to plant when to plant, and how much to plant,” says EchoVC founder, Eghosa Omoigui.

    “With the crop insurance option, the farmer says, ‘Instead of one hectare, I can now plant two or three, because I’m covered.’ ”

    Meanwhile, according to TechCrunch, WorldCover uses satellite imagery, on-ground sensors, mobile phones and data analytics to create insurance options for farmers against climate impacts.

    And when adverse weather occurs, farmers can simply file an insurance claim using their mobile app. Once approved, the farmer will receive insurance payment directly to their accounts.

    Headquartered in the US, World Cover now operates in three African countries since it launched in 2015. It has over 30,000 users or farmers in Ghana, Uganda, and Kenya. But with its latest funding round, the startup is looking to expand to more countries.

    “We’re looking at India, Mexico, Brazil, Indonesia. India could be first on an 18-month timeline for a launch,” WorldCover co-founder and chief executive Chris Sheehan.

    Looking at its successful implementation so far, WorldCover could also offer some insights into how startups could disrupt the insurance business.


    If you’d like to get featured on our Entrepreneur Spotlight, click here to share your startup story with us.


    SUBSCRIBE

    Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.


    Comments

    Share :
    • Facebook
    • Twitter
    • Google+
    • Pinterest
    • Linkedin
    • Email
    Idris Abubakar

    Idris Abubakar

    Abubakar Idris has interests in all things web, business and tech innovations. I write to inform.

    MTN Group Appoints Mallam Sanusi Lamido into its Board, Announces other Changes
    Next article
    MTN Group Appoints Mallam Sanusi Lamido into its Board, Announces other Changes
    Beyond Coding, AgricTech Lab, Beyond Nigeria and other Tech Events this Week
    Previous article
    Beyond Coding, AgricTech Lab, Beyond Nigeria and other Tech Events this Week

    Related Posts

    • Reviews, Stories 1 day ago

      How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad

      How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad
      Stories 1 day ago

      Social Media Roundup: Emefiele's Money Out of Thin Air, 14th Headies Awards, Others

      Social Media Roundup: Emefiele’s Money Out of Thin Air, 14th Headies Awards, Others
      Stories 1 day ago

      'Early-stage Startups Need More than Just Funds' - Key Points from the UK-Nigeria Tech Summit

      ‘Early-stage Startups Need More than Just Funds’ – Key Points from the UK-Nigeria Tech Summit
    • Features, Stories 2 days ago

      'Work From Home Won't End in 12 Months, Covid-19 Vaccines Notwithstanding' - Morgan Mierke, Head of W/Africa Logitech

      ‘Work From Home Won’t End in 12 Months, Covid-19 Vaccines Notwithstanding’ – Morgan Mierke, Head of W/Africa Logitech
      Stories 2 days ago

      Of Drones and COVID-19 Vaccine Delivery with Arone CEO, Emmanuel Ezenwere

      Of Drones and COVID-19 Vaccine Delivery with Arone CEO, Emmanuel Ezenwere
      Stories 2 days ago

      Twitter Unveils 'Super Follows' Feature so You Can Charge for Exclusive Tweets

      Twitter Unveils ‘Super Follows’ Feature so You Can Charge for Exclusive Tweets

    Bitcoin Recent Prices

    Brandest

    Sign up for Newsletters

    Popular News

    • Teens Code Conference, Tech Women Lagos and Other Tech Events this Week
      Teens Code Conference, Tech Women Lagos and Other Tech Events this Week
      March 18, 2019 0
    • Introducing Carrot.ng, a FinTech Company Set to Simplify Access to Inheritance and Estate Planning Online
      Introducing Carrot.ng, a FinTech Company Set to Simplify Access to Inheritance and Estate Planning Online
      June 11, 2018 0
    • #NextQuestion: Gbenga Odegbami of Youverify Speaks on the Possibilities of Remote Work
      #NextQuestion: Gbenga Odegbami of Youverify Speaks on the Possibilities of Remote Work
      11 months ago 0
    • Tech Events this Week:  ICTEL EXPO, IBM Internet of Things (IoTs) Session and More
      Tech Events this Week: ICTEL EXPO, IBM Internet of Things (IoTs) Session and More
      July 23, 2018 0
    • Queen Maxima of Netherlands Visits NCC, Seeks Collaboration on Financial Inclusion
      Queen Maxima of Netherlands Visits NCC, Seeks Collaboration on Financial Inclusion
      November 1, 2017 0

    Follow Us

    Latest Tweets

    • technextdotng "Our smallest delivery drone has the capacity to deliver all the vaccines needed in a typical vaccination center fo… https://t.co/erKUUb77Z9
      about an hour ago
    • technextdotng GIG Logistics (GIGL) has partnered with Visa to create a Merchant App that solves this problem. The app is poised… https://t.co/vAm3FRduWe
      about 4 hours ago
    • technextdotng CBN Governor, Godwin Emefiele appeared before the Nigerian senate to explain the apex bank’s reasons for clamping d… https://t.co/xMmJXnuwAA
      about 7 hours ago
    • technextdotng RT @tommy_blanc: How GIG Logistics and Visa Help Merchants Deliver Goods at Cheaper Prices Locally and Abroad - https://t.co/dJ9jwh4Kp3 via…
      about 18 hours ago

    Instagram

    technextdotng

    Technext.ng is the go-to site for news, reviews and insightful analysis in the Nigerian tech space.
    http://ow.ly/ayTM30mSlGS

    "if the CBN’s major concern is capital control t "if the CBN’s major concern is capital control they can be limits to how much users can purchase using exchanges or OTC Desks."
-
@trillionaire, Founder, @coins.app and @dan.holdings on regulation the CBN Governor can place on Cryptocurrency.
#bitcoin #Crypto #Bitcoin #cryptocurrencies #cryptoworld #cryptotrading #cryptomarket #cryptonews #cryptoinvestor #bitcoininvestment #bitcoinexchange #ethereum #Nigeria
    Known for viral trends and iconic memes, TikTok ha Known for viral trends and iconic memes, TikTok has been loved by many as a place where spreading joy and information goes beyond age. Whether it’s quick educational videos you’re looking for or fun tips on how to get involved in the latest viral challenge, TikTok is an all-inclusive platform where adults can come as well to not only express themselves creatively but to be their authentic selves.

Still think that TikTok is for teenagers only? Keep reading!

This list is a mix of 30 TikTok celebs and creators, all over the age of 30, who constantly remind us that TikTok is a place where everyone belongs. Check out their profiles to find educational and entertaining videos that you won’t be able to get enough of. 

Check them all at Technext.ng
.
.
.
@tokemakinwa, @_tosinsilverdam, @toyin_abraham, @ufuomamcdermott, @veezeebaybeh, @wofaifada, @yeancar_posh, @yemialade, @deejayneptune, @kunleremiofficial
.
#fashionista #influencerlife #ootd #tiktok #likes #k #marketing #digitalinfluencer #viral #vibes #socialmedia #fashionstyle #motivation #instagramers #explorepage #moda #followers #f #inspiration #instafashion #beautiful #followme #fashioninfluencer #business #cute #instagram #instalike #photo #styleblogger
    Seems Spotify is here to take the crown. Which of Seems Spotify is here to take the crown.

Which of the platforms do you currently use?
Will you be making a change?
#Spotify #Music #YouTube
    Popular music streaming platform, Spotify has fina Popular music streaming platform, Spotify has finally expanded to Nigeria and several other African countries.

The company announced the expansion on Monday during its Stream On event for creators and partners. As the platform rolls out, music lovers in new markets will get to access content on mobile apps and in the browser. Apps for TV, consoles, speakers, wearables, and cars will be launched in the “coming months”.

Will you use the app now that is legally available?
.
.
.
.
.
.
#dj #radioshow #podcast #electronic #dance #music #progressive #pro #Spotify #Nigeria #Africa #music #love #hiphop #art #rap #musician #singer #rock #life #dance #photography  #song #guitar #happy #style #producer #fashion #newmusic
    It takes courage to know yourself well enough to c It takes courage to know yourself well enough to choose where your energy comes from and goes to. 
#TechNext #MondayMotivation #mondaythoughts
    Love is in the air! On this episode of #SteetTec Love is in the air!

On this episode of #SteetTech we ask people what their experience was dating people online.

Full video in bio

#ValentinesDay #Valentine #Dating #Love #ValentinesDay #Love #Romance #TechTips #TechSupport #valentine #valentinegift #valentines #valentineday
    Load More... Follow on Instagram

    Random News

    • Bitter Truths About the Lagos Government Showdown With Uber, Gokada, Opay and Others
      Bitter Truths About the Lagos Government Showdown With Uber, Gokada, Opay and Others
      12 months ago 0

      The past month has been quite dramatic for stakeholders in the Lagos transport sector (investors, service providers and commuters). First, ...

      Read More
    Copyright 2020 technext.ng | Privacy Policy | Media Policy