Naked, a South African insurtech pioneer, has secured $38 million in a Series B2 funding round led by global impact investor BlueOrchard. Existing sup
Naked, a South African insurtech pioneer, has secured $38 million in a Series B2 funding round led by global impact investor BlueOrchard. Existing supporters including Hollard, Yellowwoods, the International Finance Corporation (IFC), and Germany’s development finance institution, DEG also increased their investments in this round.
The newly raised funds will bolster Naked’s efforts to enhance its automation and artificial intelligence capabilities, diversify its product offerings, expand its footprint in the market, and ramp up advertising to grow its customer base. Additionally, the funding will help the company meet regulatory capital requirements associated with its rapid growth.
This funding round follows a $17 million Series B round in February 2023, bringing Naked’s total funding to $31.6 million at the time. Together, these investments have set the stage for the company’s sustained expansion.
About Naked
Founded in 2018 by actuaries Alex Thomson, Sumarié Greybe, and Ernest North, Naked has disrupted the traditional insurance model with its fully digital, AI-powered platform. Customers can get quotes in under 90 seconds, purchase policies online, file claims, and even pause accident coverage—all without the need for phone calls.
The success of this funding round highlights the growing confidence in Naked’s innovative approach to insurance and its potential to reshape the industry in South Africa and beyond.
