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 economic system. The spherical was led by a number of high angel traders and first traders Base Capital, Invenfin, Luno, P1 Ventures, Savannah Fund, and FireID.

Root will deploy the capital in direction of its versatile low-code digital insurance coverage platform whereas focusing on innovators in new geographies. Organizations of any measurement can construct, promote or handle their digital insurance coverage merchandise whereas within the course of unlocking trendy engagement channels. Fashioned in 2016, the corporate seems to be to interrupt down limitations in innovation within the monetary providers sector by means of 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.”

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