The investment company channels R150 million investment into alternative funding provider, Sourcefin.
The round was led by new investors Futuregrowth, Talent10 and MIC, as well as existing investors, including Old Mutual.
ITWeb TV: Insurtech Everything.Insure aims to disrupt South Africa’s insurance industry
ITWeb news editor, Admire Moyo, speaks to Mishaya Chettiar, executive head at Everything.Insure, about the #insurtech’s business model, fight with rival Hippo and future growth plans. #Itwebtv #everything.insure
The Johannesburg-based insurtech start-up is on an expansion drive after securing a Series A funding round of R80 million, from various investors.
Local insurtech firms Simply Financial Services, Pineapple and Naked witness strong sales growth during SA’s lockdown period.
The company will now be required to establish a presence in the city of Connecticut and will be eligible for more investments from Connecticut Innovations.
Since its launch a year ago, the insurtech start-up has witnessed a massive increase in its user base, with 454% user growth in 2Q2019.
Vollar, Pineapple and Lüla presented their business ideas at the Stanford African Business Forum, in Silicon Valley, over the weekend.
After returning from a three-month programme in Nigeria, local start-ups Preeva and Pineapple begin to further develop their business models.
The second group of African start-ups will take part in the three-month Google Launchpad Accelerator Africa programme, which starts today in Nigeria.
Pineapple has officially gone live with its insurance product for individual items in the South African market.