South African insurtech firm Root has raised $3m in a seed funding round to launch a low-code digital insurance platform into new markets such as Europe.
The round saw participation from Invenfin, Base Capital, Savannah Fund, P1 Ventures, Luno, and FireID.
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They were joined by a group of angel investors.
Root CEO and co-founder Louw Hopley 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 personalized and convenient embedded products.
“Closing this funding means that we can power more innovators, globally, and accelerate the process of transformation.”
The insurtech is a cloud-native insurance platform that claims to enable companies of any size to build, sell and manage digital insurance offerings.
It targets non-insurance firms that have a strong client base; firms such as retailers, banks, and telcos offering insurance as a secondary product.
Invenfin CEO Stuart Gast said: “We have been following Root closely over the last few years and are delighted to be partnering with the team as they enter this new phase of scaling the business.
“We are confident that Root is positioned to have a massively positive impact on insurance, both in South Africa and abroad.”
Last month, a no-code platform for the insurance industry CoverGo announced plans to foray into the US, Canada, and Latin America.
