IFC, DEG, Yellowwoods, and Others Backed Naked’s Series B.

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A South African insurtech firm called Naked Insurance has acquired $17 million in Series B funding led by the International Finance Corporation. Naked Insurance assists customers in insuring their vehicles, homes, and belongings (IFC). The development comes after the South African insurtech launched its $11 million Series A round in August 2021, which was headed by Naspers.

The money, according to a release, gives Naked the chance to develop its AI and utilize it to expand the insurance business in Africa, which is currently worth over $68 billion in annual gross written premiums.
With an annual gross written premiums market of over $47 billion, 70% of this industry is made up of South Africa.

Although 28% of millennials in South Africa are looking for insurance, 60% of them would rather communicate with their insurer online. Naked says its tech and business model differentiates it from other African insurtechs, such as Kenya-based Turaco, which raised $10 million last September.

IFC’s investment in Naked will help increase the penetration of tech-driven insurance in the country and contribute to job creation and economic growth.” The funding round will accelerate the startup’s growth plans, including growing its team and expanding into new markets, according to CEO Thomson.


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