This marks the largest insurtech investment in Africa to date, further solidifying Naked’s position as a leader in the region.
Global impact investor BlueOrchard Finance Ltd joined the round, alongside continued support from existing investors Hollard Insurance, YellowWoods, IFC – International Finance Corporation (IFC), and DEG, the German development finance institution.
Founded in 2018 by experienced actuaries Alex Thomson and Sumarie Greybe (FIA), Naked leverages cutting-edge technology to offer customers a truly digital and transparent insurance experience. Its AI-powered platform enables customers to obtain quotes, purchase policies, submit claims, and manage their coverage entirely online, eliminating the need for phone calls and paperwork.
“This investment marks an exciting milestone as we continue to define a new category of insurance,” said Alex Thomson, co-founder of Naked. “It’s a strong vote of confidence from both our existing shareholders and our new investor,BlueOrchard. Their support validates the success of our business model and highlights the significant progress we’ve made in making insurance more accessible and convenient. Building off the base of a loyal community and unique technology platform, we are positioned for strong growth in the years ahead. We’re deeply grateful to South African consumers for embracing this new generation of insurance and to our investors for their trust in our vision.”
Naked has achieved rapid growth by disrupting the traditional insurance model. As the only insurer in South Africa to sell 100% of its car, home, and single-item insurance policies online, Naked has demonstrated the power of technology to enhance customer experience and improve operational efficiency.
Beyond its technological advancements, Naked’s unique business model, the “Naked Difference,” sets it apart. By taking a fixed percentage of premiums and donating any surplus from unclaimed funds to causes chosen by its customers, Naked eliminates conflicts of interest and fosters trust with policyholders.
The latest funding round will enable Naked to accelerate its growth trajectory. The company will use the funds to further invest in its AI and automation capabilities, expand its product offerings and market reach, and enhance its advertising efforts to attract a wider customer base.