South Africa-based InsurTech company Pineapple has reportedly netted $3.4m in its Series A funding round, after experiencing 200% growth in six months.
Funds came from Lireas Holdings, ASISA Enterprise and Supplier Development Fund, E4E Africa, Vunani Capital and Old Mutual, according to a report from Techpoint Africa.
Pineapple, which was founded in 2017, enables customers to insure their items and car by taking a picture and without the need of any paperwork. The app also enables the user to switch the coverage on and off to only protect the objects when required. Pineapple also claims the policyholder will only pay for what they use.
Users can also claim through the app and if there is any money left in their wallet after a policy, they get it back.
Pineapple co-founder Ndabenhle Junior Ngulube told Techpoint Africa, “We did not expect to grow by 200 per cent in the first six months of this year, but it goes to show that customer insurance purchase behaviour 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.”
The InsurTech previously raised $400,000 in seed funding back in 2017.
Last week, fellow South African InsurTech startup Ctrl closed its funding round on $2.3m. The company enables insurance brokers to digitise and optimise their operations.
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