South African insurtech platform, Naked has raised $11 million in a series A round.
This round was led by Nasper through its early-stage tech investment vehicle, Naspers Foundry. Existing investors, Yellowwoods and Hollard, also participated in the funding round. This transaction is Naspers Foundry’s second insurtech investment in two weeks and its biggest investment to date.
According to a statement released by the company, Naspers Foundry invested $8.3 million as the lead investor.
Founded in 2018 by Alex Thomson, Sumarie Greybe and Ernest North, Naked is South Africa’s first fully digital insurance platform offering comprehensive and instant cover for cars, homes, contents, and standalone items. The company says it employs artificial intelligence to create new processes and experiences for its customers.
Customers are presented with lower costs than they would ordinarily see in traditional insurance platforms, and more importantly, they have more control of their insurance experience.
“They can get a final insurance quote for their home, its contents, their standalone items or their car in less than 90 seconds, and switch or pause their cover, all online, without speaking to a contact center agent,” said the company in a statement.
This new funding will be used to expand its team and continue to invest in the technology that puts customers in control, meeting the insurance needs of a growing portion of the South African market, and entering into international markets.
What they are saying
Fabian Whate, head of Naspers Foundry said, “We’re excited to support Naked in their journey of pioneering a new generation of insurance, giving consumers access to convenience, control, and savings with its end-to-end digital processes. This fits in with our focus of backing purpose-driven technology businesses. Investing in Naked is consistent with the portfolio we’ve built to date, and Naspers Foundry’s healthy pipeline of potential future investments,”