SA insurtech startup Root raises $3m seed funding spherical

Root, a Cape City-based startup constructing infrastructure for the digital insurance coverage economic system, has closed a US$3 million seed funding spherical to increase into new markets. 

Based in 2016, Root is a cloud-native end-to-end insurance coverage platform that permits organisations of any measurement to construct, promote and handle digital insurance coverage merchandise and unlock fashionable engagement channels. 

The startup, which packages the “arduous issues” in insurance coverage and exposes programmable insurance coverage merchandise via easy-to-use APIs, powers among the nation’s largest affinity insurance coverage gamers in South Africa, and now plans to increase abroad after elevating funding.

The US$3 million seed spherical comes from Invenfin, Base Capital, Savannah Fund, P1 Ventures, Luno, and FireID, in addition to a choose group of excessive affect angel buyers. Root intends utilizing the capital to roll out its versatile low-code digital insurance coverage platform in new geographies.

“As Root continues to unlock innovation in insurance coverage, we’re making it simpler for innovators to place prospects first and take the business into the age of really personalised and handy embedded merchandise,” mentioned Louw Hopley, the startup’s chief govt officer (CEO) and co-founder. “Closing this funding implies that we will energy extra innovators, globally, and speed up the method of transformation.”

Stuart Gast, CEO at Invenfin, mentioned his group had been following Root carefully over the previous few years and that he was delighted to be partnering with the startup because it entered this new part of scaling.

“We’re assured that Root is positioned to have a massively constructive affect on insurance coverage, each in South Africa and overseas,” he mentioned.

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