South Africa’s insurtech startup, Pineapple, has made headlines by securing a whopping $21.3 million in Series B funding. This significant financial boost marks a new chapter in the company’s journey, paving the way for further expansion and innovation in the insurance industry.
Founded in 2018 by Ndabenhle Junior Ngulube and Marnus van Heerden, Pineapple has emerged as a leader in the new generation of insurance providers. The company, based in Johannesburg, specializes in the car insurance industry and is underwritten by Old Mutual Insure.
Pineapple’s unique business model allows users to purchase insurance policies online. The platform offers a multitude of insurance policies that users can buy after setting up their Pineapple accounts.
Series B Funding: A Major Milestone
The recent Series B funding of $21.3 million is a testament to Pineapple’s success and the growing confidence of investors in the company’s vision and capabilities. This funding round will enable Pineapple to expand its operations and continue to disrupt the insurance space with its innovative solutions.
The secured funding will undoubtedly accelerate Pineapple’s growth trajectory. It will enable the company to expand its product offerings, enhance its technology, and reach a larger customer base. Moreover, the funding will also aid in strengthening Pineapple’s overseas partnerships, including its partnership with Travelers Insurance in the United States.
Pineapple’s successful Series B funding round underscores the potential of insurtech startups in transforming the traditional insurance landscape. As Pineapple continues to leverage technology to provide superior customer experiences and innovative insurance solutions, it sets a promising precedent for other startups in the industry. The future of insurtech in South Africa looks bright, with Pineapple leading the way.