![]() He also noted that it would help the startup grow its team and expand into new markets. Taking a different approach from incumbents, Naked charges a fixed percentage on customers’ premiums and where claims are low, the excess goes to causes chosen by the users.įor Thomson, the startup’s Co-Founder, closing its Series B round is a vote of confidence in the startup’s approach to insurance delivery. Through its app and website, users can purchase insurance for their homes and cars in seconds while insurance claims are approved faster than traditional insurance providers. For most people, 2020 was a challenging year as Covid-19 took hold. The company reported 620,000 application downloads, making it the second largest shopping application in South Africa. The grocery delivery service has now been expanded to 87 stores in June 2020, from the initial eight stores in November 2019. The Barcelona-based company has invested up to 25. The table below highlights the main developments in the sector over 2020. Launched in 2018 by insurance industry veterans, Alex Thomson, Sumarie Greybe, and Ernest North, Naked aims to bring trust and transparency to the insurance process. Spanish on-demand delivery platform Glovo today announced plans to double its investment in Africa and expand its operations on the continent. This brings the total amount of funding raised by the startup to $31.6 million and comes more than a year after it closed a Series A round. The German Development Finance Institution, Yellowwoods, and Hollards also participated in this round. South African insurtech startup, Naked, has raised $17 million in a Series B round led by the International Finance Corporation. ![]()
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