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Root, a Cape Town-based startup building infrastructure for the digital insurance economy, has closed a USD 3 Mn seed funding round to expand into new markets. The round comes from Invenfin, Base Capital, Savannah Fund, P1 Ventures, Luno, and FireID, as well as a select group of high-impact angel investors. Root intends to use the capital to roll out its flexible low-code digital insurance platform in new geographies.
Root is a cloud-native end-to-end insurance platform that enables organizations of any size to build, sell and manage digital insurance products and unlock modern engagement channels. The startup packages the “hard things” in insurance and exposes programmable insurance products through easy-to-use APIs.