Mauritius' 3IF Ventures, Africa’s first dedicated impact venture capital fund targeting the insurance sector, reached the first close of its Inclusive Insurance Investment Fund at $12 million.
The fund, co-anchored by FSD Africa Investments and ZEP-RE (PTA Reinsurance Company), is targeting a final close of $30 million. It plans to make 15-20 equity investments from pre-seed to Series B stages in early-stage insurtech companies across the continent.
Africa’s insurance protection gap remains one of the largest in the world, with more than 1 billion people lacking any coverage due to low awareness, limited access and high costs. The fund will focus on four verticals: climate and disaster resilience, agriculture and rural livelihoods, digital health, and SME asset protection.
The vehicle is structured as a blended finance fund, featuring a catalytic junior tranche to attract private capital. It also includes a technical assistance facility representing about 20% of total commitments.
“Reaching First Close with FSD Africa Investments and ZEP-RE on the same cap table is a market signal,” said Anthony Chaillet and Dr. Mario Wilhelm, the fund’s general partners. “Africa’s protection gap is the most under-served commercial opportunity of the decade.”
FSDAi’s Chief Investment Officer Anne-Marie Chidzero noted the fund builds on a pipeline of 135 early-stage businesses supported through BimaLab. ZEP-RE said it will provide both capital and technical support, including product design, underwriting capacity and regulatory network access.
3IF Ventures is managed by Chaillet and Wilhelm, who together have over 40 years of global reinsurance and investment experience. The fund will invest across ODA-eligible African markets.
FSD Africa Investments has so far committed £127 million across 21 investments. ZEP-RE, a pan-African reinsurer established in 1990, operates in more than 45 countries and holds a B++ rating from A.M. Best.
Posts
0 Comments