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South African Insurtech Naked Raises $38 Million in Series B2 Funding

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South African Insurtech Naked Raises $38 Million in Series B2 Funding

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Naked, a South African insurtech company, has successfully raised $38 million in a Series B2 funding round.

The investment was spearheaded by global impact investor BlueOrchard and received increased support from existing backers, including Hollard, Yellowwoods, the International Finance Corporation (IFC), and Germany’s development finance institution, DEG.

This latest funding will enable Naked to advance its automation and artificial intelligence capabilities, expand its product portfolio, extend its market presence, and bolster advertising efforts to grow its customer base.
 
Additionally, the funds will help the company comply with regulatory capital requirements tied to its rapid expansion.

The Series B2 round follows the company’s earlier Series B funding in February 2023, which secured $17 million from investors such as IFC, Yellowwoods, Hollard, and DEG.
 
That round brought Naked’s total funding to $31.6 million at the time and laid the groundwork for the sustained growth that the new funding round further supports.

Founded in 2018 by actuaries Alex Thomson, Sumarié Greybe, and Ernest North, Naked has revolutionized the insurance industry with its fully digital platform.
 
Leveraging AI and automation, the platform allows customers to get insurance quotes in less than 90 seconds, purchase policies online, file claims, and even pause accident coverage—all without requiring a phone call.

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