Pineapple has closed its Series A funding, through which it raised R80 million. Notable investors include Lireas Holdings, the ASISA ESD Fund, E4E, Vunani Capital and Old Mutual.
Pineapple is an insurtech startup that launched in 2018. It has won many awards, including MTN Consumer App of the Year and the Stanford startup award.
It was also the first Insurtech accepted into Google’s Launchpad Accelerator Programme.
Pineapple co-founder Marnus van Heerden said they are on a journey to improve the trust between the insurer and the insured.
They aim to achieve this by providing a superior customer experience backed by cutting edge technology and an innovative model.
“We operate off a fixed fee, and unused premiums are returned to members,” he said.
He said with Pineapple, people can insure their car or their belongings in under 90 seconds via a mobile app or website.
Old Mutual Insure underwrites the insurance policies. Hannover-Re continues as the reinsurer and strategic partner to Pineapple.
Co-founder Ndabenhle Ngulube attributes the success of the round to the 200% growth of the company in the first six months of the year.