South African insurance-technology start-up Pineapple has raised R80-million in a series-A funding round from investors including Lireas Holdings, the Asisa ESD Fund, E4E, Vunani Capital and the Old Mutual Enterprise & Supplier Development Fund.
Launched in 2018, Pineapple was the first insuretech accepted into Google’s Launchpad Accelerator Programme.
Insurance policies are underwritten by Old Mutual Insure, and founding partner Hannover-Re continues as reinsurer and strategic partner.
Pineapple co-founder Ndabenhle Ngulube said the company grew by 200% in the first six months of 2021, though the company didn’t disclose revenue numbers. It also hasn’t said what valuation it’s attracted through the latest funding round.
However, “it shows customer insurance purchase behaviour is starting to shift online”, Ngulube said.
Another co-founder, Sizwe Ndlovu, said the funds will be used for the expansion of the South African business and growing overseas partnerships, including its partnership with Travelers insurance in the US. – © 2021 NewsCentral Media