South African Insurtech Startup Root Secures $1.5M for Europe Expansion
Root, a South African insurtech startup, has secured $1.5 million in funding to accelerate its expansion plans in the UK and Europe.
The funding round was led by Invenfin, the venture capital arm of Remgro Limited.
Root was founded in 2016 by Louw Hopley and provides an end-to-end insurance platform that enables companies to build, sell, and manage digital insurance products.
The company’s platform is low-code and API-first, making it easy for businesses to develop and deploy custom insurance solutions.
Root has already established a presence in the UK and Europe, and its platform is being used by a number of leading insurers and fintech companies.
The fresh funding will allow Root to expand its team and further develop its platform to meet the growing demand for embedded insurance.
Embedded insurance is a new way to distribute insurance products, in which insurance is embedded into other products and services.
For example, a car rental company might offer embedded insurance to its customers to protect them against accidental damage.
Embedded insurance is a rapidly growing market, and Root is well-positioned to capitalize on this growth.
The company’s platform makes it easy for businesses to offer embedded insurance products, and Root has a strong track record of working with leading insurers and fintech companies.
Root’s new funding round is a significant milestone for the company and for the African insurtech ecosystem.
It is a testament to the growing interest in investing in African startups and to the potential of Root to make a positive impact on the global insurance industry.
Empower Africa Times Newsletter
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
You may also like...
Nigerian automotive startup Mecho Autotech has raised $2.4 million in pre-Series A funding to expand into wholesale spare parts distribution.
Shop Zetu, a fast-growing fashion marketplace based in Kenya, has raised $1 million in pre-seed funding to fuel its Africa expansion plans
The funding round was led by Chui Ventures, with participation from Launch Africa Ventures, Roselake Ventures, and Logos Ventures.
Japanese VC firm SBI Holdings and Africa’s Novastar Ventures have announced a strategic partnership, with SBI Holdings committing $40 million to anchor Novastar’s future funds.