Naked, a South African insurtech company, has secured $17 million in Series B funding to further drive the growth of its fully digital insurance platform. The AI-driven company offers an end-to-end digital experience for customers to manage their car, home, and valuables insurance. Its technology uses AI and automation to enable customers to receive comprehensive insurance coverage with just a few taps of a button, without ever speaking to a contact center agent.
Naked was founded in 2018 by actuaries Alex Thomson, Sumarie Greybe, and Ernest North, who set out to create a fully digital insurance platform that is fair, transparent, and convenient for customers. The company's digital platform enables customers to manage their insurance experience completely online, with the ability to switch or pause their coverage whenever they want.
The insurtech company has now secured its Series B funding, led by the International Finance Corporation (IFC), the largest global development institution focused on the private sector in emerging markets. Other investors in the funding round include the German Development Finance Institution (DEG), Naked's original investors Yellowwoods and Hollard, who were also part of the company's previous $11 million Series A funding round led by Naspers in 2021.
Naked's co-founder, Alex Thomson, expressed his excitement about bringing on new investors as part of the company's accelerated growth plans. The new investment will enable Naked to expand its team, invest in technology that puts customers in control, and expand into new markets. According to Adamou Labara, IFC country manager for South Africa, the investment in Naked will help increase the penetration of tech-driven insurance in the country and contribute to job creation and economic growth.
Naked's innovative digital platform has created a new type of insurance experience that benefits customers by offering lower costs and more control over their insurance coverage. The insurtech company's success in securing Series B funding is a testament to its position as a pioneer in fully digital insurance in South Africa, and it looks set to continue driving the growth of the insurtech industry in the region.
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