Digital insurance company Pineapple has raised R400-million in a series-B funding round that it claims is the largest ever for insurance-technology start-ups in Africa.

The investment round was led by new investors Futuregrowth, Talent10 and MIC, while the business received additional support from existing investors including Old Mutual ESD, Lireas Holdings, Asissa 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,” Pineapple said in a statement on Tuesday.

Pineapple claims its technology allows it to serve customers at 20% of the cost of traditional insurance providers, allowing it to pass on this cost saving in client premiums.