Naked Insurance raises $17 million

Naked Insurance closed a $17 million Series B funding round, bringing its total funding to $31.7 million. Investors include DEG, International Finance Corporation, Hollard, and Yellowwoods.

Founded in 2016 and launched in 2018, Naked (a team of ~84) offers car, home, renters, and single-item insurance; all products are underwritten by Hollard.

The equity investment will support the South African insurtech company expand access to car, home, and other insurance products.

“We are excited to bring new investors on board in this funding round, as part of accelerating our growth plans. This investment validates our position as a pioneer of fully digital insurance in South Africa, and will enable us to grow our team, continue to invest in technology that puts customers in control, and to expand into new markets.” – Alex Thomson, co-founder of Naked.