South African insurtech startup Pineapple has raised ZAR400 million (US$21.3 million) in Series B funding to boost its growth.
Founded in 2017, Pineapple allows the company to service customers at 20 per cent of the cost of traditional insurance providers. This enables them to pass on this cost saving in insurance premium savings for customers, further accelerating growth.
It has announced the conclusion of a ZAR400 million (US$21.3 million) Series B funding round, led by new investors Futuregrowth, Talent10 and MIC. The business has also received additional investment support from existing investors including Old Mutual ESD, Lireas Holdings, ASISA ESD Fund and E4E Africa.
The funding round was completed off the back of robust growth and sustainable claims ratios that significantly exceed industry standards for a newer insurance portfolio.
“This funding round stands as a testament to our tech and AI-powered operating model, enabling our mission to offer affordable and comprehensive insurance to all South Africans,” said Pineapple co-founder and CEO Marnus van Heerden.
Amrish Narrandes, head of Futuregrowth Asset Management’s private equity and venture capital, said Pineapple’s innovative approach to insurance aligned seamlessly with his company’s investment philosophy.
“Their exceptional growth and customer-centric model exemplify a potent combination of technology and market understanding. With our ZAR100 million investment, we are thrilled to spearhead this round, fueling Pineapple’s journey in redefining the insurance landscape.” he said.
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