South African Insurtech Pineapple Raises $22 Million in a Series B Round to Deepen Offerings

South African Insurtech startup, Pineapple has raised $22 million in a series B funding round to enable it to expand its offerings by providing comprehensive insurance to all South Africans.

The funding round was led by Future Growth, Talent10, and MIC, with participation from Old Mutual ESD, Lireas Holdings, ASISA ESD Fund, and E4E Africa.

Speaking on the funding round, the CEO and Co-founder Marnus Van Heerden said, 

“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”.

Also commenting on the funding round, the head of Futuregrowth Asset Management’s Private Equity/Venture capital, Amrish Narrandes said,

“Pineapple’s exceptional growth and customer-centric model exemplify a potent combination of technology and market understanding. With our investment, we are thrilled to spearhead this round, fuelling Pineapple’s journey in redefining the insurance landscape”.

Pineapple’s recent funding round brings it to a total of $29.1 million since it was founded in 2017. The insurtech startup offers unique insurance services to its customer base, with approximately half of the clientele consisting of individuals purchasing insurance for the first time.

Pineapple 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.

The startup says it appeals to its customers by offering an entirely digital experience and returning used premiums to its customers yearly.