Naspers Foundry has announced a R120 million (US$8.3m) investment in Naked, South Africa's first end-to-end AI-driven insurance provider. The insurtech company offers a new, fully digital way for consumers to insure their cars, homes, and other contents. This transaction is Naspers Foundry's second insurtech investment in two weeks and its biggest investment to date. This is part of Naspers's R1.4 billion commitment to grow the early-stage tech ecosystem in South Africa through Naspers Foundry.
Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers: "South Africans are in general underinsured when it comes to short-term personal insurance. While this is often due to price, consumer distrust and complexity have led to a misunderstanding of insurance. Naked’s offering is convenient, transparent and passes the cost savings from its innovative technology on to customers. It improves financial inclusion, in line with Naspers Foundry’s objective of investing in technology businesses that have a positive impact on society."
Listen to Naked Co-Founders Sumarie Greybe and Alex Thomson discussing how their company is working to build the future of insurance.
This post was sponsored and supplied by Naspers.