FSD Africa Investments and ZEP-RE co-anchor pioneering pan-African insurance impact fund; pathway to USD 30 million final close.
Mauritius – 5 June 2026 – 3IF Ventures (or the “Fund”), the first impact venture capital fund dedicated to Africa’s insurance start-up ecosystem, today announced the First Close of the Inclusive Insurance Investment Fund (3IF Ventures) at USD 12 million. The fund is co-anchored by FSD Africa Investments (FSDAi) and ZEP-RE (PTA Reinsurance Company), and will provide equity capital from pre-seed to Series B to early-stage businesses across Africa.
Africa’s insurance protection gap is one of the most underserved opportunities but also one of the most significant barriers to economic resilience on the continent. Uptake remains constrained by three persistent challenges: awareness, accessibility, and affordability resulting in over 1 billion people not having access to any form of insurance cover. 3IF Ventures is built to convert that untapped market into a commercial opportunity by backing technology-enabled insurance businesses across four thematic verticals: climate and disaster resilience, agriculture and rural livelihoods, digital health and wellbeing, SMEs and asset protection. The Fund, which targets a final close of USD 30 million, plans approximately 15-20 portfolio investments. 3IF Ventures will also operate a technical assistance facility sized at approximately 20 percent of total fund commitments.
3IF Ventures is structured as a blended investment vehicle including a catalytic capital junior tranche used to unlock private capital. The Fund intends to achieve substantial socio-economic impact and climate resilience in Africa over the Fund’s lifetime, targeting:
- Over 5.9 million new insurance policies issued;
- Over 3.5 million households and SMEs with improved financial resilience;
- Over 1.7 million jobs created, sustained and retained.
“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.”
Anthony Chaillet and Dr. Mario Wilhelm, General Partners, 3IF Ventures 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.”
Anne-Marie Chidzero, Chief Investment Officer, FSD Africa Investments 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.”
Hope Murera, Managing Director and Group CEO, ZEP-RE (PTA Reinsurance Company) said.
About 3IF Ventures
3IF Ventures is the General Partner and Investment Manager of the Inclusive Insurance Investment Fund – the first impact venture capital fund dedicated to Africa’s insurance start-up ecosystem. The fund invests from pre-seed to Series B businesses solving the “3A Challenge” (Access, Awareness, Affordability) across ODA-eligible African markets. The Fund is led by Anthony Chaillet and Mario Wilhelm, two seasoned re/insurance experts and investment professionals with over 40 years of combined industry experience globally. www.3if.ventures.
About FSD Africa Investments
FSD Africa Investments (FSDAi) is a specialist financial sector investor established by FSD Africa and the UK’s FCDO to strengthen and deepen Africa’s financial markets. We bridge critical funding gaps by investing patient, risk-bearing capital in novel financial instruments, facilities, and intermediaries. Our strategic investments take on early risk, test new models and catalyse capital from others to gradually transition the financial sector to finance Africa’s economic resilience and growth. To date, FSDAi has committed £127 million from its £309m capital commitment to 21 investments, and has successfully exited three investments, one at 2x money.
About ZEP-RE (PTA Reinsurance Company)
ZEP-RE is a leading pan-African reinsurer and specialised institution of COMESA established in 1990 with a mandate to develop the (re)insurance industry, build capacity, mobilize investments and deepen financial inclusion. It has operations in over 45 African countries with headquarters in Nairobi, Kenya and eight country/regional offices spread across Sub-Saharan Africa in Côte d’Ivoire, D.R. Congo, Ethiopia, Sudan, Uganda, Zambia, and Zimbabwe. ZEP-RE’s subsidiary ACRE Africa focuses on resilience and credit access for small-holder farmers through technology and insurance with 6 offices across Africa. It is the second best rated African reinsurer on the continent by A.M. Best with a credit rating of B++ (Financial Strength)/bbb+ (Issuer Credit). www.zep-re.com.
Media Contacts
3IF Ventures
Mario Wilhelm, General Partner (mario@3if.ventures)
Anthony Chaillet, General Partner (anthony@3if.ventures)
FSD Africa Investments
Joyce Waihiga, Manager Communications (joyce@fsdafrica.org)
ZEP-RE
Kasee Mbao, Head M&A and Advisory (kmbao@zep-re.com)
