SOUTH AFRICA – Insurtech startup Pineapple has raised ZAR80 million (US$5.4 million) in Series A funding as it looks to expand further into the car insurance space off the back of growing by 200 percent in the last six months.
The ZAR80 million (US$5.4 million) round includes the likes of Lireas Holdings, the ASISA ESD Fund, E4E, Vunani Capital and the Old Mutual Enterprise & Supplier Development Fund.
“We did not expect to grow by 200 percent in the first 6 months of this year, but it goes to show that customer insurance purchase behavior is starting to shift online and that customers are becoming more astute as to the online ratings of insurance providers and not settling for second best with respect to customer experience,” said Pineapple co-founder Ndabenhle Ngulube.
“We did not expect to grow by 200 percent in the first 6 months of this year, but it goes to show that customer insurance purchase behavior is starting to shift online”Ndabenhle Ngulube – Co-founder, Pineapple
“Pineapple is on a journey to improve the trust between the insurer and insured, by providing superior customer experience backed by cutting edge technology and an innovative model,” co-founder Marnus van Heerden said.
The app also offers user benefits such as app rewards and discounts based on users’ driving habits.
Old Mutual Insure underwrites the policies and the app’s founding innovation partner, Hannover-Re, serves as its reinsurer and strategic partner.
Notable investors in the Series A funding round included Vunani Capital, Lireas Holdings, and E4E.
E4E Principal Bakang Komanyane said that the reason for the investment was due to the app’s upcoming features.
This includes a “community-orientated” feature expected to release in August 2021.