Root Platform, a South African startup that offers an end-to-end, low-code, API-first insurance technology platform, has raised US$1.5 million in funding to speed up its expansion plans.
Invenfin, a South African venture and growth capital firm affiliated with Remgro, which participated in Root’s initial external round of funding in 2021, has now contributed an additional US$1.5 million.
Root, an end-to-end insurance platform founded in 2016, assists businesses in creating, marketing, and managing digital insurance products across Africa, the UK, and Europe. The start-up hides the “hard things” in insurance behind simple-to-use APIs, enabling any business to create and roll out brand-new insurance products.
Louw Hopley, co-founder of Root, said, “We’ve built a trusted partnership with Invenfin since they invested in our business two years ago, and I’m delighted that they see further potential in our growth strategy and want to continue to invest in our future as we scale up internationally.”
“We want to continue to expand in the UK while also making strides into the rest of Europe, and this growth capital from Invenfin enables us to do just that. The time is right for us, as lots of insurers are realising that innovative partner insurance channels such as embedded insurance are essential, and they want to invest in the robust, API-first technology they need to get to market quickly and confidently. We’re excited about what is to come over the next few years for our business.” Hopley added.
With the new funding, the business will move more quickly toward its goals of expanding in the UK and throughout Europe.
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