Pineapple secures a R400m in Series B funding
Summary
Digital insurance provider Pineapple has concluded a R400-million funding round, setting a new record as the largest Insurtech fundraised on the continent.The investment round was led by new investors Futuregrowth, Talent10 and MIC, while the business 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.Marnus van Heerden, co-founder and CEO of Pineapple, says: 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.Pineapples technology allows the company to service customers at 20% of the cost of traditional insurance providers. With our R100 million investment, we are thrilled to spearhead this round, fuelling Pineapples journey in redefining the insurance landscape.Pineapple recently made headlines with its witty advertising and its sponsorship of the Rugby World Cup and Cricket World Cup on SABC, enabling all South Africans the opportunity to watch the Springboks defend their title and watch the Proteas attempt to win for the first time.Tens of thousands of customers have insured their vehicles with Pineapple. A recent survey ranked them as having the best combined online rating out of all insurance providers.Our business was founded on the principle of customer centricity. We place our customers at the centre of every decision we make, which has really paid off for us, says Pineapple co-founder, Ndabenhle Ngulube.Co-founder Matthew Elan Smith explained that this funding round not only propels Pineapple closer to its ambitious vision but also cements its position as a catalyst for change, one satisfied customer at a time.