Jamii.one, a Denmark-based fintech startup serving traditional savings communities in Ethiopia, has announced that it has surpassed its fundraising goal of €200,000 (11.7 million birr) in just one day.
As of June 12, 2023, Jamii.one has successfully garnered €218,149 from 63 investors via Seedrs, a UK-based online equity crowdfunding platform for startups, with 23 days still left in the fundraising campaign.
“In just one day, we reached our minimum target of €200,000. We are now looking to reach the next milestone of €300,000, and we would love for all of you that are enthusiastic about our work to be part of that community,” wrote Charlotte Rønje, CEO and co-founder of Jami.one, on LinkedIn.
The investment opportunity in Jamii.one presents itself in the form of equity with a pre-money valuation of €4.4 million (260 million birr). The equity offered in this round is 4.72%, and the share price has been set at €8.44 (500 birr) in this investment round.
Jamii.one launched in 2018, works with low-income communities to collect data on informal savings and loans such as Edir, leveraging this information to connect unbanked communities with the formal banking sector.
Founded by Charlotte Rønje (CEO), Daniel Brøndum Torp (CTO), and Tigist Bezu (COO), Jamii.one has created over 50 job opportunities in Ethiopia.
In the past year, the platform states that it has added more than 320,000 users, of whom over 50,000 have purchased insurance through Jamii.one. “This is a strong indicator of the massive demand for affordable insurance in Ethiopia,” stated the startup in its Seedrs pitch. “Our vision is to shield families and communities from financial shock.”
Jamii.one generates revenue by partnering with insurance companies to provide tailor-made insurance products for its users. They charge a data fee, a percentage of the annual premium value, for every month or year users stay with the insurance provider.
With the latest round of funding, Jamii.one aims to insure one million people, reach 2.3 million users, and achieve breakeven. The company is also keen on expanding its product offerings, with a particular interest in health insurance products. Jamii.one is aiming to achieve an Annual Recurring Revenue (ARR) – a crucial metric for subscription-based businesses – of €5M by the end of 2025.
In May 2023, Jami.one also received a €150,000 grant from the Swiss Capacity Building Facility (SCBF)
“Jamii.one is incredibly excited to expand our operations and product offerings and create an even bigger impact on the ground in Ethiopia,” added the startup on its pitch. “We’re also laying the foundation to take this Danish-Ethiopian innovation to more countries.”