Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

  • Lagos, Nigeria
  • Info@bhluemountain.com
  • Office Hours: 8:00 AM – 5:00 PM Mon - Fri
  • November 15 2023

Pineapple raises $22 million Series B round

Pineapple, a South African insurtech startup, has raised $22 million in a Series B round, making it the most capitalised insurtech startup in Africa.  Pineapple, a South African insurtech startup underwritten by Old Mutual Insure, Africa’s largest insurer, has raised $22 million in a Series B round to become Africa’s most-funded insurtech startup, surpassing Kenya’s Turaco. Having raised $5.4 million in a Series A round in 2021 and $1.9 million from a competition and seed round, Pineapple has now raised a total of $29.3 million. Pineapple’s funding round was led by new investors Futuregrowth, Talent10, and MIC, and existing investors Old Mutual ESD, Lireas Holdings, and ASISA ESD Fund. E4E Africa also participated in the round.  “This funding round stands as a testament to our tech and AI-powered operating model, enabling our mission to offer affordable and comprehensive insurance to all South Africans,” said Marnus van Heerden, Pineapple’s CEO.  Pineapple, which was founded by Matthew Elan Smith, Marnus van Heerden, Ndabenhle Junior Nglube, and Sizwe Ndlovu in 2017, offers its users cheap online insurance and returns unused premiums to its customers annually. User’s premiums go into their Pineapple wallets and these wallets in turn form a network of wallets and claims are paid from this wallet network. Pineapple’s services can be accessed entirely online and users only have to upload a picture of the item they want insured and can get a quote in less than 10 minutes. Although Africa is the second fastest-growing region for insurance in the world, the penetration rate for insurance hovers around 3%. The low demand for insurance across the continent can be tied to a lack of customer awareness and trust in traditional insurance companies. Pineapple says it appeals to its customers by offering an entirely digital experience and returning unused premiums to its customers yearly. The six-year-old shared in a statement that it provides insurance to thousands of customers, and almost half are first-time insurance buyers.  “Pineapple’s innovative approach to insurance aligns seamlessly with our investment philosophy. Their exceptional growth and customer-centric model exemplify a potent combination of technology and market understanding,” said Amrish Narrandes, the Head of Futuregrowth Asset Management’s Private Equity/Venture Capital.  Disrupting Insurance In South Africa: A Pineapple Story

Read More