Pineapple Luggage R80 Million Funding To Shake Up Auto Insurance – TechFinancials
pineapple announced today that it has completed the Series A round for R80 million to turn the auto insurance industry upside down. Investors in the new financing include Lireas Holdings, the ASISA ESD Fund, E4E, Vunani Capital and the Old Mutual Enterprise & Supplier Development Fund.
Pineapple is an InsurTech startup that has captured the hearts and minds of many South Africans. Founded in 2018, the company has won many local and international awards, including MTN Consumer App of the Year, Stanford Startup Award, and was the first Insurtech to be included in Google's Launchpad Accelerator Program.
Pineapple started on the South African market in mid-2018 with the aim of solving the trust problem in insurance.
"Pineapple is on its way to building trust between the insurer and the insured by delivering a great customer experience backed by cutting-edge technology and an innovative model," said Pineapple co-founder Marnus van Heerden.
"We work with a fixed fee and unused rewards are refunded to the members."
With Pineapple, you can insure your car or belongings in less than 90 seconds through their app or website.
The insurance contracts are signed by Old Mutual Insure, and the founding innovation partner Hannover-Re continues to be the reinsurer and strategic partner of Pineapple.
Co-founder Ndabenhle Ngulube attributes the round's success to the unprecedented growth they have seen this year.
"We weren't expecting 200% growth in the first six months of this year, but it shows that consumer insurance buying behavior is shifting online and customers are satisfied with online reviews from insurance providers rather than second best." on the customer experience. "
Pin made headlines for the past few months as the top-rated insurance provider with an average score of 4.7 / 5, a full 0.4 stars ahead of its closest competitor with 4.4 / 5.
Another co-founder, Sizwe Ndlovu, noted the funds will be used to expand SA business as well as expand partnerships overseas, including partnering with Travelers Insurance in the US.
E4E's Bakang Komanyane stated that the reason they chose Pineapple as an investment is because, "When asked what's next for Pineapple, co-founder Matthew Smith said," We are so obsessed with our customers. We have a long list of features that we are building to keep the offering and experience fun, understandable, and useful. Look out for a 'community-minded' role that will be retired in August that will change the way people think about insurance! "
The future for FinTech Companies in Africa are looking upwards, with Pineapple setting a benchmark for what can be achieved when young South African talent is given access to capital, strong leadership and mentoring – possibly a trend for South Africa to become a center for globally scalable manufacturing technology.