Digital Insurtech company Pineapple raises R400 million

Pineapple, a digital insurance provider, has successfully concluded a significant R400-million funding round, establishing a new record as the largest Insurtech fundraising on the continent.

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The investment, led by new backers Futuregrowth, Talent10, and MIC, received active participation from Pineapple’s existing investors, such as Old Mutual ESD, Lireas Holdings, ASISA ESD Fund, and E4E Africa.

Pineapple’s co-founder and CEO, Marnus van Heerden, expressed the funding round as a testament to their tech and AI-powered operating model, reinforcing their commitment to providing affordable and comprehensive insurance to all South Africans. The company has demonstrated robust growth and sustainable claims ratios that surpass industry standards for a newer insurance portfolio.

Pineapple’s advanced technology positions it to serve customers at a remarkable 20% of the cost of traditional insurance providers. By leveraging these efficiencies, the company can pass on cost savings to its customers, contributing to the continued acceleration of its growth trajectory.