South Africa’s Naked Insurtech Closes $38M Series B Round
- Naked secured $38 million in Series B funding, the largest insurtech investment in Africa.
- The funding round was led by BlueOrchard with support from IFC, Hollard, Yellowwoods, and DEG.
- Naked's AI-powered platform provides binding quotes in under 90 seconds and allows claims processing via a mobile app.
Naked's innovative approach to insurance, leveraging AI and a unique business model, positions it well to disrupt traditional insurance markets in Africa. However, the company must navigate regulatory challenges and varying levels of digital adoption across the continent to achieve its ambitious goals.
