South African InsurTech Naked has raised ZAR30m of investment from previous backers Yellowwoods and Hollard.
The company has planned to use the funding to expand its team, increase customer acquisitions and release new short-term insurance products, according to a release seen by VentureBurn.
Late last year the startup secured ZAR20m ($1.4m) in funding from the investor pair for its launch in April 2018.
This latest release said investors had once again committed to the business due to a strong first six months of trading.
The start-up’s is aiming to use technology to transform the insurance business model to give customers a faster, fairer and more flexible insurance experience. Naked is led by Alex Thomson and Sumarié Greybe, formerly partners in EY’s insurance advisory business, advising many of South Africa’s largest insurance groups.
Hollard was established in 1980 and provides short-term and life insurance as well as investment products to consumers, commercial entities, and corporate clients.
Yellowwoods is a private investments group, headquartered in Europe and active across 30 markets, with a focus on the insurance, restaurant and hospitality sectors.
In October, South Africa-based digital life insurance platform Simply reportedly bagged a ‘significant’ multi-year investment from Yellowwoods.
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