Naked Secures $38M Funding to Enhance Insurtech Presence in Africa
Naked has raised $38 million in a Series B2 funding round, the largest insurtech investment in Africa. The funding will be used to enhance technology, expand product offerings, and strengthen regulatory capital to support growth plans.
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Naked has completed a Series B2 funding round, securing $38 million (R700 million), marking the largest insurtech investment in Africa. The round included contributions from BlueOrchard and existing investors like Hollard and the International Finance Corporation.
The raised capital will be invested in automation, marketing, and compliance with regulatory requirements, facilitating Naked's growth trajectory. The company's unique business model, which donates unclaimed funds to customer-chosen causes, aims to restore trust in insurance. With a new 'cell captive' structure under Hollard Specialist Insurance, Naked will maintain necessary regulatory capital to ensure its financial stability and capability to meet claims.
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