The IFC has led a USD 17mn equity investment round for South African insurtech company Naked. Other investors supporting the round are DEG (the German development finance institution), Hollard (South Africa’s largest private insurance group) and Yellowwoods.
We believe that Naked is well positioned to drive digital transformation and inclusion in the South African insurance industry because of its unique technology and innovative business model
Ingo Schultz, Vice President at DEG Insuretech Global Markets
The funds support the company’s strategy to expand its digital insurance offering especially to first-time insurance buyers and to continue innovating—the insurtech operates in Africa’s most mature insurance market but is nonetheless somewhat confined to life and funeral insurance. The company is therefore improving access to other insurance products.
Earlier this week, Nigerian insurtech startup Curacel announced a USD 3mn seed round. You can read the article here: Nigeria’s Curacel closes $3mn seed round, eyes North Africa
Mobile Masr plans growth with $500,000 seed round
Used mobile phone and electronics market place Mobile Masr has raised USD 500,000 from angel investors in partnership with Intercap Capital Investment Bank to enter into new business categories and verticals.
The Egyptian startup was established in 2021 by Wale El Ashry to offer good-quality second-hand products alongside service support.