Introduction: A Milestone in Insurtech Funding
In a groundbreaking development, digital insurance disruptor Pineapple has successfully secured a staggering R400-million in a series-B funding round. This financial feat positions Pineapple at the forefront of insur-tech advancements in Africa, marking the largest funding round ever witnessed in the continent's insurance technology landscape.
The series-B funding was spearheaded by prominent new investors, including Futuregrowth, Talent10, and MIC. Notably, Pineapple received continued support from its existing investor base, featuring heavyweights such as Old Mutual ESD, Lireas Holdings, Asissa ESD Fund, and E4E Africa.
Pineapple's Value Proposition: Disruptive Technology and Cost Efficiency
Pineapple distinguishes itself through cutting-edge technology that has allowed it to amass R400 million in series-B funding. The company proudly asserts that this funding round is a testament to its robust growth and remarkable claims ratios, which outshine industry standards for a relatively new entrant in the insurance sector.
Pineapple's technological prowess enables it to cater to customers at an unparalleled 20% of the cost associated with traditional insurance providers. This remarkable cost efficiency empowers Pineapple to translate its savings directly into client premiums, redefining the economics of insurance services.
Key Players: Leading the Funding Charge
Futuregrowth Asset Management, taking the lead in the series-B round, has committed a substantial R100 million to Pineapple, showcasing confidence in the insur-tech disruptor's innovative approach and growth trajectory.
Pineapple's achievement in securing this record-breaking funding underscores not only the company's potential but also the confidence investors place in its ability to reshape the insurance landscape. The series-B round signifies a pivotal moment for Pineapple, reinforcing its status as a key player in the insur-tech arena.
Pineapple's Trailblazing Journey Continues
As Pineapple sets a new benchmark with its R400-million series-B funding, the insur-tech disruptor is poised for transformative growth. The infusion of capital from both new and existing investors propels Pineapple into a position of strength, ready to revolutionize the insurance sector in Africa with its innovative technology and cost-effective solutions.