Root, a South African insurtech startup, has acquired $3 million in a seed round to expand its low-code digital insurance platform into new markets including Europe.
Invenfin, Base Capital, Savannah Fund, P1 Ventures, Luno, and FireID were among the investors in the round.
“As Root continues to unlock innovation in insurance, we are making it easier for entrepreneurs to put customers first and usher the industry into the age of fully tailored and convenient integrated solutions,” said Louw Hopley, CEO, and co-founder of Root.
The insurtech is a cloud-native insurance platform that claims to allow businesses of any size to create, sell, and administer digital insurance products.
It is aimed at non-insurance companies with a large client base, such as merchants, banks, and telecommunications companies that offer insurance as a secondary product.
Root intends to use the new funds to develop its low-code digital insurance platform in new countries, particularly in Europe.
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