Pineapple, a South African insurtech startup that has grown by 200 percent in the previous six months, has raised US$3.4 million in Series A funding to expand deeper into the car insurance industry.
The startup raised funds around the time of its inception, and it won US$1.5 million in the VentureClash competition in the United States in 2019, and it has already secured its Series A funding.
Among the US$3.4 million round’s investors are Lireas Holdings, the ASISA ESD Fund, E4E, Vunani Capital, and the Old Mutual Enterprise & Supplier Development Fund.
Pineapple, which was founded in 2018 and is a Google Launchpad Africa alumnus, allows users to acquire prices and insurance on products by simply snapping a photo.
“We did not expect to grow by 200 percent in the first six months of this year,” said Pineapple co-founder Ndabenhle Ngulube. “It goes to show that customer insurance buying behaviour is shifting online and that customers are becoming more astute about online ratings of insurance providers and not settling for second best in terms of customer experience,” he added.
Pineapple is to use the funds to expand deeper into the car insurance market, following a strong first six months of growth.
