South African insurtech startup Pineapple has secured a whopping ZAR400 million (US$21.3 million) in Series B funding to supercharge its expansion.
Since its launch in 2017, Pineapple has been disrupting the insurance scene by serving customers at just 20% of the cost compared to traditional providers. This cost efficiency translates into lower insurance premiums for customers, driving Pineapple’s rapid growth.
The Series B funding round, led by new backers Futuregrowth, Talent10, and MIC, along with continued support from existing investors like Old Mutual ESD, Lireas Holdings, ASISA ESD Fund, and E4E Africa, highlights Pineapple’s impressive performance.
The startup’s strong growth and sustainable claims ratios, surpassing industry standards, played a key role in attracting this substantial investment.
Pineapple’s CEO, Marnus van Heerden, emphasized the significance of this funding, attributing it to their tech and AI-powered operational model. He expressed pride in Pineapple’s mission to provide affordable and comprehensive insurance to all South Africans.
Amrish Narrandes, head of Futuregrowth Asset Management’s private equity and venture capital, praised Pineapple’s innovative approach, stating that their remarkable growth and customer-centric model align seamlessly with Futuregrowth’s investment philosophy.
Futuregrowth’s ZAR100 million investment is set to propel Pineapple in reshaping the insurance landscape.