South African insurtech startup Pineapple has raised US $5.4 million in Series A funding
Pineapple, which was founded in 2018 and is a Google Launchpad Africa graduate, allows customers to receive estimates and insurance on things by simply snapping a photo.
In 2019, after winning a Venture Clash-base competition, they raised funding around the time of their launch and secure their Series A, including Lireas Holdings, the ASISA ESD fund, the E4E, the Vunani capital, and the old mutual enterprise & supplier development fund. The company has now secured their Series A for $80 million (USD5.4 million).
After a spectacular last six months of growth, Pineapple will use the investment to further expand into automotive insurance.
“We did not expect to grow by 200 percent in the first 6 months of this year, but it goes to show that customer insurance purchase behaviour is starting to shift online and that customers are becoming more astute as to the online ratings of insurance providers and not settling for second best with respect to customer experience,” said Pineapple co-founder Ndabenhle Ngulube.
