Naked, an SA digital insurance platform offering comprehensive and instant cover on cars, homes, content, and standalone items has raised an impressive $11 million Serie A round. Naspers Foundry put in US$8.3 million while other existing investors put up the rest.
Naked is an artificial intelligence-driven insurtech company offering a fully digital platform for consumers to insure their homes, cars, and valuable possessions. The investment by Naspers Foundry is the second investment in a span of two weeks and the largest to date and forms part of its R1.4 billion commitment to grow South Africa’s early-stage tech ecosystem through Naspers Foundry.
Naked was founded by Alex Thomson, Sumarie Greybe, and Ernest North – all actuaries, with technology built from scratch, free from legacy systems and processes. The insurtech pioneers a business model that seeks to restore trust in how insurance works. Naked offers its consumers lower costs, control, and convenience in their insurance experiences.
Last month we shared Naspers investment into Ctrl, an insurtech Saas platform connecting brokers on the best ways to digitize and optimize their operations. The investment is the largest made by Naspers Foundry to date.
Phuthi Mahanyele-Dabengwa, CEO of Naspers South Africa described Naked’s offering as “ convenient, transparent and passes the cost savings from its innovative technology on to customers.” Fabian Whate the Head of Naspers foundry likened Naked’s journey to “pioneering a new generation of insurance” that gave consumers access to “convenience, control and savings with its end-to-end digital processes.”
Naked co-founder Alex Thomson described their ambition as “to build insurance people love” by keeping it affordable, convenient, and transparent.
#NaspersFoundry has just announced a R120 million investment in @NakedCover_SA, SA's first end-to-end AI-driven insurance provider. This transaction is part of Naspers's R1.4bn commitment to grow SA's early-stage tech ecosystem. #insurtech
Read more: https://t.co/wzwUTm9ydv
— Naspers (@Naspers) August 4, 2021