Total amount raised
$31.1 Million
Latest funding date
11/01/2023
Location
Pineapple has successfully raised funding through seven rounds, with notable investors including Mineworkers Investment, E4EAfrica, Futuregrowth Asset Management, and Talent Holdings. The company operates in the FinTech, Insurance, InsurTech, and Peer-to-Peer sectors, offering a platform that makes insuring easy, fair, and accessible.
Keep reading to explore the intricacies of Pineapple's fundraising journey and the investors backing this innovative platform.
What Is Pineapple?
Pineapple is a digital insurance company based in Johannesburg, South Africa. The company operates in the FinTech, Insurance, InsurTech, and Peer-to-Peer industries, offering a platform that makes insurance easy, fair, and accessible.
With an employee count ranging from 101 to 250, Pineapple provides various insurance products, including car, per-item, and home contents insurance. The company emphasizes quick coverage, transparency on premium usage, and returning leftover premiums to customers.
How Much Funding Has Pineapple Raised?
- Series B
- Amount Raised: $22 million
- Date: November 2023
- Lead Investors: Futuregrowth, Talent10, MIC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support Pineapple's mission of offering affordable and comprehensive insurance through a tech and AI-powered operating model.
- Non-Equity Assistance
- Amount Raised: $100,000
- Date: October 2021
- Lead Investors: Google for Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To leverage Google's resources and support for scaling operations and enhancing technology.
- Series A
- Amount Raised: $5.4 million
- Date: July 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance their digital insurance platform.
- Grant
- Amount Raised: $1.5 million
- Date: October 2019
- Lead Investors: Connecticut Innovations
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial development and market entry.
- Grant
- Amount Raised: $25,000
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and operations.
- Series Unknown
- Amount Raised: $1.7 million
- Date: July 2019
- Lead Investors: VentureClash
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance product offerings.
- Seed
- Amount Raised: $350,000
- Date: August 2017
- Lead Investors: Lireas Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund initial product development and market entry.
Total Amount Raised: $31.075 million. Current Valuation: Not publicly disclosed.
Key Investors
- Futuregrowth Asset Management
- Details: Futuregrowth Asset Management is a South African investment company specializing in private equity and venture capital. They led Pineapple's Series B funding round with a ZAR100 million investment.
- Investment Focus Areas: Private equity, venture capital.
- Notable Investments: Not publicly disclosed.
- Mineworkers Investment
- Details: Mineworkers Investment is a South African investment firm involved in various sectors. They were a lead investor in Pineapple's Series B funding round.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Talent Holdings
- Details: Talent Holdings is an investment firm that participated as a lead investor in Pineapple's Series B funding round. They focus on supporting innovative startups.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Google for Startups
- Details: Google for Startups is a global initiative by Google to support startups through resources, mentorship, and funding. They provided non-equity assistance to Pineapple in October 2021.
- Investment Focus Areas: Technology, innovation, startups.
- Notable Investments: Not publicly disclosed.
- Connecticut Innovations
- Details: Connecticut Innovations is a venture capital firm that provides strategic support and funding to innovative companies. They awarded a grant to Pineapple in October 2019.
- Investment Focus Areas: Technology, healthcare, clean energy.
- Notable Investments: Not publicly disclosed.
What's Next for Pineapple?
Pineapple's future looks promising as it leverages its tech and AI-powered model to offer affordable insurance, expanding its customer base significantly. The recent $22 million Series B funding round underscores the vast opportunities available, particularly in Africa's underinsured market. With only 3% of the population insured, Pineapple has a substantial growth potential.
Future fundraising seems likely, given the strong investor confidence and the company's sustainable growth metrics. As Pineapple scales, it may attract more investment to enhance its technology and expand its services. However, challenges such as regulatory hurdles and competition from traditional insurers could pose obstacles.
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