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In brief: Goodwell Investments increases funding into insurtech firm Inclusivity Solutions

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Published: 3 November 2023

Plus: Clarity AI and Radient AI announce strategic partnership to integrate sustainability data with fund insights | ABC Fund invests in Ugandan coffee supplier JKCC

Unharvested coffee beans
ABC Funds has allocated capital to Ugandan coffee supplier JKCC | Rodrigo Flores on Unsplash

Amsterdam-based impact investor Goodwell Investments has completed a $1.5m (€1.4m) extension round of funding with Inclusivity Solutions, the inclusive insurtech firm which aims to make insurance accessible in emerging markets.

Known for funding growing African companies that provide essential goods and services to low-income audiences, Goodwell initially led Inclusivity Solutions’ Series A round in 2019. The new investment will support Inclusivity Solutions’ expansion plans, including its ambition to operate in at least 12 African markets by the end of 2024, according to the firm. The company will also continue to invest in its no-code, open-API platform, which enables distribution partners and insurers to offer a full range of insurance products in a matter of hours.

“Around the world, including in several regions in Africa, access to safe and reliable savings, payments and loans for un(der)served groups is finally growing. Yet insurance remains the problem child. Inclusivity Solutions makes insurance easily available and reliable, and thanks to their technology, highly scalable. They are solving an urgent problem, helping people protect themselves from the unforeseen shocks that are often the root cause of poverty and inequality. That is why we invested. In addition, we are pleased to support an organisation with a woman at the helm. We don’t see enough funding going there yet,” said Els Boerhof, managing partner at Goodwell Investments.

Clarity AI and Radient AI announce strategic partnership

Clarity AI, the sustainable technology platform, is partnering with Radient AI to integrate sustainability data with fund insights. Through the partnership, Clarity AI’s sustainability data, metrics and analytics will become an integral component of Radient AI’s fund intelligence platform.

“Our mission has always been to simplify and enhance investment decisions. By integrating Clarity AI’s comprehensive sustainability data, we are offering our users a chance to build more socially impactful investment decisions, and easily share that with all their stakeholders. This partnership signifies our commitment to sustainable investing and [is] core to our vision for the future of investment management,” said Sanjay Bharwani, founder and chief executive officer of Radient AI.

Clarity AI is now the preferred partner for Radient AI for sustainability data across all funds and securities.

ABC Fund invests in Ugandan coffee supplier JKCC

The Agri-Business Capital (ABC) Fund has invested €800,000 into JKCC General Supplies, a Ugandan-based coffee trader. JKCC, which began operations in 2017, specialises in sourcing high-quality coffee beans directly from more than 3,700 smallholder farmers across 16 districts in Uganda.

The arrangement allows the farmers to sell all their products to JKCC, which in turn distributes them, particularly the ground coffee, in plastic jars to the local market – including at shops and restaurants which primarily serve tourists, as well as at hotels and local enterprises.

The direct sourcing arrangement cuts out often exploitative ‘middlemen’ and gives farmers greater returns while also supporting them as they develop and embed more sustainable practices into their coffee bean farming methods, according to ABC Fund.

The ABC Fund is a blended finance impact fund which provides catalytic financing to underserved yet profitable segments of agribusiness value chains in developing countries. The investment into JKCC General Supplies follows two repeat investments from the ABC Fund.

An investment of €2m was made into UNACREP, a microfinance institution in Benin, West Africa, which provides short and long term loans and microcredits to its members, as well as collecting deposits and savings from members and clients. The institution also trains and builds the capacity of its members. €4m was invested into Anatrans, a cashew nut processor based in Burkina Faso.

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