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Press Release: Renew Capital Angels Invest in, a Micro Insurance Platform

By Filseta Asrat | Thu Sep 28 2023
Supporting solutions to expand financial inclusion across Ethiopia, Renew Capital partners with
Ethiopia, September 28, 2023 — Driving towards financial inclusion for communities across Ethiopia, Renew Capital Angels has partnered with, a trailblazer micro-insurance platform for the African landscape.
The company has begun services in Ethiopia, where there are few insurance options for rural communities and only 42% of mobile phone owners own smartphones.’s growth has come from self-organized Ethiopian community groups called "Iddirs" that bring on average around 50 people together making monthly contributions for informal cooperative-like insurance for funerals and other significant life events. 
More than 30% of Ethiopians participate in Iddir groups, which often face operational difficulties due to manual data tracking and management, preventing them from fully meeting their members' financial needs. provides an app-based data registration tool for Iddirs and connects them to affordable, reliable insurance options. “When we entered the market it didn't take us long to introduce the Iddir community to After we tailored our product for Iddir and enabled access to affordable group micro life insurance it was amazing to see the power of technology with the power of community,” says Tigist Bezu, co-founder. 
Importantly, the app is designed to accommodate low literacy levels, offline functionality and limited smartphone usage, making it accessible to a wider segment of the population. This initiative aims to enhance financial inclusions across Ethiopia and beyond.
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.

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