INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 4, 2025
Here are the venture funding activities we tracked in the Middle East and African region this week – including Naked, Rize, SeamlessHR, MoneyHash, Ogram, Arable, Ilara Health, Conservio, and Moniepoint.
- South African insurtech company Naked gets $38M in Series B2 to boost growth in automation and AI
- Saudi proptech firm Rize secures $35M Series A to improve tech offerings
- Nigerian HRtech startup SeamlessHR closes $9M Series-A Extension to expand operations
- Egyptian fintech company MoneyHash receives $5.2M in pre-Series A to unify payment operations
- UAE HRtech firm Ogram banks $3M investment from Tenami Capital to support expansion
- Saudi agritech startup Arable raises $2.55M seed round for sustainable farming
- Kenyan healthtech startup Ilara Health receives $1M loan to improve health access
- South African travel booking platform Conservio closes $1M in funding to scale operations
- Visa makes a strategic investment into Nigerian fintech Moniepoint for an undisclosed fee
South African insurtech company Naked gets $38M in Series B2 to boost growth in automation and AI
Naked, a South African insurtech startup, has raised $38 million (R700 million) in a Series B2 funding round led by global impact investor BlueOrchard. The round also saw participation from existing investors, including Hollard, Yellowwoods, the International Finance Corporation (IFC), and Germany’s development finance institution, DEG.
This new investment builds on Naked’s previous funding milestones, where the company raised an $11 million Series A round led by Naspers in 2021 and secured a $17 million Series B in February 2023.
Founded in 2018 by actuaries Alex Thomson, Sumarie Greybe, and Ernest North, Naked has developed an end-to-end digital platform that allows customers to manage their entire insurance experience online through an app.
The platform provides instant, comprehensive coverage for cars, homes, contents, and standalone items, leveraging AI and automation to transform the insurance experience. Customers benefit from lower costs and greater control, with the ability to obtain a final insurance quote in under 90 seconds. They can also switch or pause their coverage entirely online, without needing to speak to a contact center agent.
The new funding will support Naked’s expansion by strengthening its investment in AI and automation, enhancing its product offerings, and entering new markets. Additionally, the company plans to increase advertising efforts to attract and grow its customer base. The funds will also help Naked meet regulatory capital requirements as it scales its business.
