- In Series B2 funding, South African insurtech Naked secures $38 million to invest in automation and AI.
- Although this round was led by BlueOrchard, it got the support of existing investors like Hollard and IFC.
- Naked was founded in 2018, and it has transformed the insurance market with its digital platform.
Naked, a South African insurtech company, has successfully completed a $38 million Series B2 funding round. This round was led by BlueOrchard, a global investor, and witnessed growing participation from existing investors including Hollard, the International Finance Corporation (IFC) and the German Development Finance Corporation (DEG).
The insurtech company was founded in 2018 by actuaries Alex Thompson, Soumare Graibi and Ernest North. Naked’s fully digital platform uses automation to speed up the process of purchasing insurance and filing claims after losses. Users can purchase policies, file claims, and even pause coverage in seconds.
This funding allows Naked to enhance investments in automation and artificial intelligence, increase its market presence, and expand its offerings. These funds will also help meet regulatory capital requirements associated with the Naked’s rapid growth.
After this milestone, the company is expected to build a stronger customer base through enhanced advertising initiatives. This comes after an earlier success in February 2023, when it raised $17 million in a Series B round.
Naked will continue its efforts to transform the insurance landscape through technology and customer-centric solutions.
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