SA insurtech startup Root closes a $3M seed funding spherical
Cape City-based startup Root has closed a $3 million seed funding spherical. The startup is a cloud-based end-to-end insurance coverage platform constructing infrastructure for the digital insurance coverage financial system. The spherical was led by a number of prime angel buyers and first buyers Base Capital, Invenfin, Luno, P1 Ventures, Savannah Fund, and FireID.
Root will deploy the capital in the direction of its versatile low-code digital insurance coverage platform whereas focusing on innovators in new geographies. Organizations of any dimension can construct, promote or handle their digital insurance coverage merchandise whereas within the course of unlocking fashionable engagement channels. Shaped in 2016, the corporate seems to interrupt down boundaries in innovation within the monetary companies sector by easy-to-use APIs.
The CEO at Invenfin Stuart Gast expressed confidence in partnering with Root attributing it to the power to “optimistic affect on insurance coverage, each in South Africa and overseas.”