Pineapple secures £25m in funding, revolutionising South Africa's insurance industry

This significant investment marks a turning point in South Africa’s insurance landscape, paving the way for a more accessible and affordable insurance experience.

Spearheaded by new investors Futuregrowth, Talent10, and MIC, the funding round garnered additional support from existing investors, including Old Mutual ESD, Lireas Holdings, ASISA ESD Fund, and E4E Africa. This overwhelming confidence in Pineapple’s vision underscores its remarkable growth and unwavering commitment to customer-centricity.

At the heart of Pineapple’s success lies its innovative tech- and AI-powered operating model, which streamlines insurance processes and drives down costs by 20% compared to traditional providers. This translates into substantial customer savings, making insurance more accessible and fostering a more inclusive financial ecosystem.

“This funding round is a testament to our unwavering commitment to redefining the insurance landscape in South Africa,” remarked Pineapple co-founder and CEO Marnus van Heerden. “Our mission is to make insurance accessible and affordable for all, and this investment will fuel our journey to achieve that goal.”

Echoing van Heerden’s sentiments, Amrish Narrandes, head of Futuregrowth asset management’s private equity/venture capital, stated: “Pineapple’s innovative approach to insurance aligns seamlessly with our investment philosophy. Their exceptional growth and customer-centric model exemplify a potent combination of technology and market understanding.”

With this substantial funding, Pineapple is poised to revolutionise the South African insurance industry, empowering individuals and businesses with affordable, accessible, and comprehensive insurance solutions. The company’s unwavering commitment to customer-centricity and its innovative, tech-driven approach pave the way for a brighter future of insurance in South Africa.