3IF Ventures, the first impact venture capital fund dedicated to Africa’s insurance start-up ecosystem, has announced the first close of its Inclusive Insurance Investment Fund at $12 million.

The fund is co-anchored by FSD Africa Investments (FSDAi) and ZEP-RE (PTA Reinsurance Company) and will provide equity financing from pre-seed to Series B stages for early-stage insurance technology businesses across Africa.

The vehicle aims to address Africa’s insurance protection gap, where more than 1 billion people lack access to any form of insurance coverage. Uptake remains constrained by low awareness, limited accessibility and affordability challenges.

3IF Ventures targets investments across four thematic areas: climate and disaster resilience, agriculture and rural livelihoods, digital health and wellbeing, and SME and asset protection. The fund is targeting a final close of $30 million and expects to invest in around 15 to 20 portfolio companies. It will also operate a technical assistance facility representing around 20% of total commitments.

The fund is structured as a blended finance vehicle, including a catalytic junior tranche designed to mobilise additional private capital. It has set impact targets including more than 5.9 million new insurance policies issued, 3.5 million households and SMEs gaining improved financial resilience, and 1.7 million jobs created, sustained or retained.

Anthony Chaillet and Dr. Mario Wilhelm, General Partners at 3IF Ventures, said, “Reaching First Close with FSD Africa Investments and ZEP-RE on the same cap table is a market signal: impact and private capital are now investing in the same insurance technology pioneers.

“Africa's protection gap is the most under-served commercial opportunity of the decade. Closing it requires patient capital, local risk capacity and industry-grade portfolio support, working in concert. With a pre-qualified pipeline of fifteen insurance ventures across ten African markets, we are ready to deploy capital and look forward to engaging with strategic private and public partners as we enter the next stage of our growth.”

Anne-Marie Chidzero, Chief Investment Officer at FSD Africa Investments, said, “FSDAi's investment in 3IF Ventures reflects our conviction that the insurtech sector is ready to scale - built on a pipeline of 135 early-stage businesses supported through BimaLab.

“As the first investment vehicle dedicated to inclusive insurance in Africa, 3IF Ventures brings institutional rigour to a segment that has long lacked it. This first close proves that when sector expertise, the right capital structure and the right partners align, the protection gap becomes an investable proposition.”

Hope Murera, Managing Director and Group Chief Executive Officer of ZEP-RE (PTA Reinsurance Company), said, “The fund aligns with our mission to deliver sustainable and innovative (re)insurance solutions through collaboration with private, public and development sector partners to close the protection gap and promote economic growth.

“The Fund will assist in bringing together like-minded partners and capital providers to support technology enabled insurance businesses that help in closing the protection gap across Africa. Beyond the capital injection, ZEP-RE will offer further support to the investee companies through its technical experience in the (re)insurance ecosystem such as product design and leverage off its existing networks among primary insurers and regulators to provide underwriting capacity and an enabling regulatory environment for investees to achieve shared success across the continent.”