South African insurtech startup Root Platform, the low-code, API-first, end-to-end insurance technology platform provider, has raised $1.5 mn in funding led by Invenfin, the venture and growth capital arm of Remgro, to accelerate its expansion plans.
Root will use the funding to accelerate its plans to expand in the UK and Europe.
Root is a low-code, API-first, end-to-end insurance platform powering universally programmable insurance products, any digital sales channel, digital insurance operations, and the ecosystem around this.
The startup packages the “hard things” in insurance behind easy-to-use APIs, allowing any company to build and deploy new insurance products themselves.
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
Louw Hopley, CEO and Co-Founder at Root
“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”, Louw Hopley says.
Root, which was founded in 2016, helps companies build, sell and manage digital insurance products in Africa, the UK and Europe.
The company first raised an external round of funding from investors including Invenfin in 2021: the $3 million seed round comes from Invenfin, Base Capital, Savannah Fund, P1 Ventures, Luno, and FireID, as well as a select group of high impact angel investors.
Root intends using the capital to roll out its flexible low-code digital insurance platform in new geographies.
Root is a great example of the type of company that Invenfin looks to invest in: a strong team building a world-beating product that’s winning in its South African home market and has clear potential globally
Theo van den Berg, Investment Executive at Invenfin
“We believe in Root’s vision that the future of insurance is embedded, enabling companies to provide much more accessible, contextual and affordable insurance to consumers. We’re excited to back Root again following our first investment in 2021, as it accelerates its growth in the UK and beyond”, Theo van den Berg said.
“As Root continues to unlock innovation in insurance, we are making it easier for innovators to put customers first and take the industry into the age of truly personalised and convenient embedded products,” said Louw Hopley. “Closing this funding means that we can power more innovators, globally, and accelerate the process of transformation.”
by Peter Sonner
