Root has secured $1.5 million in funding to accelerate its plans for expansion. The South African insurtech startup offers an end-to-end insurance platform designed to assist companies in creating, marketing, and managing digital insurance products in Africa, the UK, and Europe.
The South African Insurtech, which was founded in 2016 has been making insurance more accessible and adaptable.
Root empowers businesses to independently develop and deploy insurance products by simplifying the complexities of insurance through user-friendly APIs.
This fresh capital infusion will facilitate Root’s expansion efforts in the United Kingdom and Europe, capitalising on the growing demand for innovative insurance solutions.
In May during its first move into international markets, Root COO Charlotte Koep said: “There is a real appetite across the UK insurance market for a platform like ours, which offers both the technical flexibility to support a myriad of product edge-cases and access to modern, accessible and embedded distribution possibilities – and at pace.
“We’re establishing the business in the UK and building strong distribution partnerships. We find big organisations and we help them add value and create value – and use that to push ourselves into the market. We want to build long-term partnerships with the big players.”
Louw Hopley, co-founder at Root, gave remarks about the recent support from Invenfin, saying: “We’ve built a trusted partnership with Invenfin since they invested in our business two years ago, and I’m delighted that they see further potential in our growth strategy and want to continue to invest in our future as we scale up internationally.”
Invenfin, the venture and growth capital arm of Remgro led this funding round and its investment executive, Theo van den Berg praised Root’s vision, saying: “We believe in Root’s vision that the future of insurance is embedded, enabling companies to provide much more accessible, contextual, and affordable insurance to consumers. We’re excited to back Root again following our first investment in 2021 as it accelerates its growth in the UK and beyond.”
Root is poised to further disrupt the insurance landscape as it expands its operations in new territories as the company’s continuous foray into global markets has definitely been encouraged by this newly secured investment.
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