In a series B funding round, Naked, a South African insurtech startup that offers fully digital, AI-powered insurance for homes, cars, and valuables, has raised $17 million.
The goal of Naked is to make insurance more accessible, easy, and straightforward by using AI, digital experiences, and its business model.
This simplified method makes things easier for customers and helps Naked save a lot of money on automation, which can be passed on to customers through lower premiums.
The International Finance Corporation (IFC), part of the World Bank Group and the largest global development organization focused on the private sector in emerging markets, led the investment round.
The German Development Finance Institution (DEG) and Yellowwoods and Hollard, two of Naked’s first investors, also participated in the round.
In a statement to Techloy, the startup said that the funding round is a big vote of confidence in its management, technology, and positioning, as well as in the company’s potential to use digital technology to grow Africa’s insurance market.
Alex Thomson, who helped start the company, said the money would speed up growth plans, enter new markets, invest in technology, and hire more people.