South African insurtech startup Root secures $1.5M to fuel its expansion plans
Capetown-based insurance technology provider Root Platform has successfully raised $1.5 million in funding, as it makes an ambitious move for a global stage presence.
This latest investment comes from a previous investor Invenfin – the venture and growth capital arm of South Africa’s Remgro Limited which was also one of Root's backers in its first raise in 2021. Meanwhile, details of this previous raise remain unavailable.
Co-f in 2016 by Louw Hopley, the South African-based platform offers low-code, API-first, end-to-end insurance technology solutions, assisting companies across Africa, the UK, and Europe to streamline the development, distribution, and management of their digital insurance products.
The platform simplifies complex insurance processes through user-friendly APIs, empowering any organization to create and deploy innovative insurance solutions.
Root's focus on redefining the insurance landscape mirrors the evolving insurance ecosystem's needs. The insurance technology sector is undergoing a transformative phase, with embedded insurance channels gaining prominence. Root Platform's robust, API-first technology positions it as a catalyst for insurers seeking to innovate and rapidly launch new solutions.
Meanwhile, Invenfin's continued support underscores Root Platform's impressive track record and potential on both regional and global scales.
With a strategic eye on the United Kingdom and the broader European market, Root is poised to capitalize on the evolving insurance landscape. The funding infusion from Invenfin is set to expedite this ambitious undertaking.
