Johannesburg insurtech startup Pineapple secures R80m in funding – Ventureburn

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Johannesburg insurtech startup Pineapple secures R80m in funding – Ventureburn



Johannesburg-based automobile insurance coverage startup Pineapple has introduced it has closed its Sequence A funding spherical with R80 million secured from traders.
The corporate introduced the determine on 26 July.

In a press release, co-founder Ndabenhle Ngulube attributed the spherical’s success to the app’s development in 2021.
“We didn’t count on to develop by 200% within the first 6 months of this yr, but it surely goes to point out that buyer insurance coverage buy behaviour is beginning to shift on-line and that clients have gotten extra astute as to the net rankings of insurance coverage suppliers and never settling for second greatest,” he mentioned.
Notable traders within the Sequence A funding spherical included Vunani Capital, Lireas Holdings, and E4E.
The corporate will use the funds to broaden the enterprise in addition to develop abroad partnerships. This contains its partnership with Vacationers insurance coverage in america.
The app launched in mid-2018. It lets customers insure their automobile or belongings shortly and simply and presents a digital resolution to coverage administration.
“Pineapple is on a journey to enhance the belief between insurer and insured, by offering superior buyer expertise backed by leading edge know-how and an progressive mannequin,” co-founder Marnus van Heerden mentioned.
The app additionally presents consumer advantages resembling app rewards and reductions based mostly on customers’ driving habits.
Previous Mutual Insure underwrites the insurance policies and the app’s founding innovation companion, Hannover-Re, serves as its reinsurer and strategic companion.
Following its launch, Pineapple was awarded MTN Client App of the Yr. It’s was additionally the primary insurtech accepted into Google’s Launchpad Accelerator Programme.
Notable traders within the Sequence A funding spherical included Vunani Capital, Lireas Holdings, and E4E.
E4E Principal Bakang Komanyane mentioned that the rationale for the funding was as a result of app’s upcoming options.
This features a “community-orientated” characteristic anticipated to launch in August.
Learn extra: Naspers invests R34m in native insurance coverage recommendation app Ctrl
Learn extra: SA residence companies portal Kandua closes ‘important’ funding spherical
Featured picture: Equipped



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