South Africa-based Root, as it looks to enter new markets, has collected $3m in its seed round funding.
The round was supported by Invenfin, Base Capital, Savannah Fund, P1 Ventures, Luno and FireID, as well as a group of high-impact angel investors.
With the capital injection, the company is looking to distribute its low-code digital insurance platform across new geographies.
Founded in 2016, Root is a cloud-native end-to-end insurance platform aimed at the South African market. It claims to help insurance firms process millions of policies and thousands of claims each month. Its clients include Mr Price Money, FinChoice, Telkom, Metropolitan and Guardrisk.
Organisations of any size can implement Root’s technology to build, sell and manage insurance products.
Root CEO and co-founder Louw Hopley said, “As Root continues to unlock innovation in insurance, we are making it easier for innovators to put customers first and take the industry into the age of truly personalized and convenient embedded products.
“Closing this funding means that we can power more innovators, globally, and accelerate the process of transformation.”
Fellow South African InsurTech Naked recently closed its own funding round. The company, which offers digital platform to purchase an array of insurance policies, secured $11m in funding.
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