South African-Based Insurtech, Root Raises $1.5 Million to Accelerate Its Expansion Plan
Root, an insurtech company based in South Africa, has announced the raise of $1.5 million in funding to accelerate its expansion plans.
The funding round was led by Invenfin, the Venture capital arm of Remgro Limited.
The company disclosed that the funds will be used to accelerate its plans to expand in the UK and Europe.
Speaking on the funds raised, Co-founder at Root, Louw Hopley said,
“We’ve built a trusted partnership with Invenfin since they invested in our business two years ago, and I’m delighted that they see further potential in our growth strategy and want to continue to invest in our future as we scale up internationally.
“We want to continue to expand in the UK while also making strides into the rest of Europe, and this growth capital from Invenfin enables us to do just that. The time is right for us, as lots of insurers are realising that innovative partner insurance channels such as embedded insurance are essential, and they want to invest in the robust, API-first technology they need to get to market quickly and confidently. We’re excited about what is to come over the next few years for our business.”
Founded in 2016, Root is a low-code, API-first, end-to-end insurance platform powering universally programmable insurance products, any digital sales channel, digital insurance operations, and the ecosystem around this.
Root enables companies’ product teams to focus on creating awesome insurance experiences for their customers using only code. Key insurance services are abstracted behind Root’s REST APIs.
The platform enables firms to leverage their unique customer relationships, insights, and data to add more value to their offering, drive customer stickiness, and increase their top line. Root is region-agnostic which means that it can power users’ insurance offerings from anywhere.
Root leverages strong partnerships with underwriters, reinsurers, MGAs/UMA’s, payment providers, and third-party administrators to design, build, and manage insurance products made available to consumers over API.
The platform takes finances automatically and delivers reports to users exactly as required. It keeps them up to date with evolving compliance and reporting requirements, freeing them up to focus on delivering value to their customers.
Industry leaders trust Root to process millions of policies and thousands of claims across dozens of products. The platform is trusted by Insurers, MGAs, Retailers, and Digital Platforms at Scale, some of which include Andela, Salam, Telkom, Admiral, ShackletonLife, CimFinance, TaxTim, Arella, momentum, GUARDRISK, etc.
The Root team believes that developers are the inventors and builders of the future. Making developers’ lives easier, which includes their ability to innovate, is fundamentally part of Root’s mission.
