Naked, a South Africa-based insurtech startup that helps consumers to insure their cars, homes, and valuables, raised $17 million in Series B funding.
The investment round was led by the International Finance Corporation (IFC), with participation from the German Development Finance Institution (DEG) and earlier investors Yellowwoods and Hollard.
The funding round will accelerate the startup’s growth plans, which include expanding its team and entering new markets.
The company employs artificial intelligence to create new customer processes and experiences without speaking to a contact center agent. It allows businesses to reap significant cost savings from automation and pass them on to customers through lower premiums.
According to a statement, the funding presents Naked with an opportunity to improve its AI and use it to grow Africa’s insurance market worth over $68 billion in annual gross written premiums.
Company: Naked Financial Technology Pty Ltd
Round: Series B
Funding Month: February 2023
Lead Investors: International Finance Corporation
Additional Investors: German Development Finance Institution, Yellowwoods, and Hollard
Company Website: https://www.naked.insure/
Software Category: AI-driven Insurance
About the Company: Founded in 2018 by Alex Thomson, Sumarie Greybe, and Ernest North, Naked is a digital insurance platform covering cars, content, homes, and standalone items. The company offers end-to-end AI-driven car, home, and building insurance. It uses the power of artificial intelligence (AI) to give you total control, value for money, and the fairest car, home, and building insurance. The goal of Naked is to make insurance more accessible, easy, and straightforward by using AI, digital experiences, and its business model. Naked Financial Technology is an authorized FSP.