South African Insurtech Startup Pineapple Raises USD 5.4 Mn Series A

Pineapple, a South African insurtech startup, has raised ZAR80 million (USD 5.4 Mn) in Series A funding to expand deeper into the car insurance industry. The participants in this round included Lireas Holdings, the ASISA ESD Fund, E4E, Vunani Capital, and the Old Mutual Enterprise & Supplier Development Fund.

Pineapple claims to be a flexible, scalable, and decentralized peer-to-peer insurer that provides full-fledged insurance coverage to its members. The startup intends to use the investment to expand further into the car insurance space after an impressive last six months of growth.