Tech in Africa
South Africa insurtech Pineapple has closed a $5.6 million (R80 million) Serie A from Lireas Holdings (an insurance and insurance technology-focused investment company), ASISA ESD Fund, Vunani Capital, E4E, and the Old Mutual Enterprise and Supplier Development Fund.
The South Africa insurtech startup launched in 2018 with an aim of solving the trust deficit in the market. Thus far the company has won several local and international awards such as the Stanford startup award, MTN Consumer App of the Year, and became the first Insurtech accepted to Google’s Launchpad Accelerator Programme.
The peer-to-peer insurance startup relies on cutting-edge technology and an innovative model where users are charged a fixed fee and unused premiums returned to members. Pineapple users can have their car or personal belongings insured in under 90 seconds through the App or website. All insurance policies are underwritten by Old Mutual Insure alongside the founding innovation partner Hannover-Re which continues to operate as its reinsurer and strategic partner.
Pineapple was founded by Marnus van Heerden, Ndabenhle Ngulube, and Matthew Elan Smith. Sizwe Ndlovu, Pineapple’s CTO shared that the funds would go into expanding the company venture into auto-insurance across South Africa before the year’s end and actualize an overseas partnership with US-based Travellers insurance.
