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South African insurtech startup Pineapple has raised ZAR400 million (USD 21.3 M) in Series B funding to boost its growth. The round was led by new investors Futuregrowth, Talent10 and MIC. The business has also received additional investment support from existing investors including Old Mutual ESD, Lireas Holdings, ASISA ESD Fund and E4E Africa.
Pineapple allows the company to service customers at 20 per cent of the cost of traditional insurance providers, enabling them to pass on this cost saving in insurance premium savings for customers, further accelerating growth. The startup claims to be a flexible, scalable, and decentralized peer-to-peer insurer that provides full-fledged insurance coverage to its members.