South African digital insurance provider Pineapple has successfully concluded a R400 million funding round, marking the largest insurtech fundraiser in Africa to date. The investment was led by new investors Futuregrowth, Talent10 and MIC, with additional funding from existing investors Old Mutual ESD, Lireas Holdings, ASISA ESD Fund and E4E Africa. Pineapple’s robust growth and sustainable claims ratios, surpassing industry standards, contributed to the successful funding round. The company’s technology and AI-powered operating model enable it to serve customers at 20% of the cost of traditional insurance providers, allowing for significant premium savings. Pineapple has gained tens of thousands of customers, with almost 50% being first-time insurance buyers. The company specializes in offering car insurance through its website and app in partnership with Old Mutual Insurance, providing customers with a quick and efficient insurance quote and policy purchase process.
