Naked Insurance raises $11 million

South African insurance startup Naked Insurance has raised $11 million in a round led by Naspers Foundry with participation from existing investors Yellowwoods and Hollard, bringing its total funding to $14.5 million.

Founded in 2016 and launched in 2018, Naked offers car, home, renters, and single-item insurance; all products are underwritten by Hollard . Naked allows people to purchase coverage online, and to make a claim or manage their coverage directly on the Naked app. Also, similar to Lemonade, it charges a flat fee upfront to cover running costs and profit. The rest of the money goes towards claims, with leftover premiums at the end of the year paid to causes their clients choose; “this is the Naked Difference .”

Naked is a team of around 39 people; operating in the space of Pineapple, King Price, and others.

Finally, before this Naked, there was that Naked.