Total amount raised
$31.1 Millions
Latest funding date
11/01/2023
Location
Pineapple has successfully raised funds through multiple rounds, with the latest being a Series B round closed on November 14, 2023. The company is backed by 12 investors, including Mineworkers Investment and E4EAfrica.
Keep reading to explore the intricacies of Pineapple's fundraising journey and the investors backing this innovative platform.
What Is Pineapple?
Pineapple, founded on March 1, 2017, is a FinTech and InsurTech company based in Johannesburg, South Africa. The company was established by Marnus van Heerden, Matthew Elan Smith, and Ndabenhle Junior Ngulube.
With an employee count ranging from 101 to 250, Pineapple aims to make insurance easy, fair, and accessible. They offer a unique model where users can quickly get insurance coverage, see how their premiums are used, and receive leftover premiums back.
Pineapple provides various insurance products, including per-item insurance and auto insurance, and has expanded its services to the US through partnerships and white-labeling their platform. Their headquarters are located in Johannesburg, South Africa.
How Much Funding Has Pineapple Raised?
- Seed Round
- Amount Raised: ZAR5.2M
- Date: August 2017
- Lead Investors: Lireas Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and enter the market.
- Venture Round
- Amount Raised: $1.7M
- Date: July 2019
- Lead Investors: VentureClash
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance their digital insurance platform.
- Grant
- Amount Raised: $25K
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and market entry.
- Grant
- Amount Raised: $1.5M
- Date: October 2019
- Lead Investors: Connecticut Innovations
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop their technology and expand their market reach.
- Series A
- Amount Raised: ZAR80M
- 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.
- Non-Equity Assistance
- Amount Raised: $100K
- Date: October 2021
- Lead Investors: Google for Startups
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support technological development and market expansion.
- Series B
- Amount Raised: $22M
- Date: November 2023
- Lead Investors: Futuregrowth, Talent10, MIC
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate expansion and leverage their tech and AI-powered operating model to offer affordable and comprehensive insurance.
Total Amount Raised: $27.325M
Current Valuation: Not publicly disclosed
Key Investors
- Futuregrowth Asset Management
- Details: Futuregrowth is a South African asset management company that led Pineapple's Series B funding round with a significant investment. They focus on private equity and venture capital, supporting innovative and customer-centric business models.
- Investment Focus Areas: Private equity, venture capital, technology.
- Notable Investments: Not publicly disclosed.
- Mineworkers Investment
- Details: Mineworkers Investment is a South African investment company involved in various sectors. They are one of the key investors in Pineapple, supporting its growth and expansion.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Talent Holdings
- Details: Talent Holdings is a new investor in Pineapple's Series B funding round. They are known for investing in high-growth potential companies.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Google for Startups
- Details: Google for Startups provides support and resources to startups worldwide. They invested in Pineapple to help with technological development and market expansion.
- Investment Focus Areas: Technology, innovation, startups.
- Notable Investments: Not publicly disclosed.
- Connecticut Innovations
- Details: Connecticut Innovations is a venture capital firm that supports early-stage companies. They invested in Pineapple to aid in technology development and market reach.
- 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, tapping into a vast market of first-time buyers. With a significant $22 million Series B funding round, the company is well-positioned to expand its customer base and enhance its digital platform, making insurance more accessible and cost-effective.
Future fundraising opportunities seem likely, given the strong investor confidence and the growing demand for digital insurance solutions. Pineapple's innovative approach and customer-centric model could attract further investments, enabling it to scale operations and explore new markets within Africa and beyond.
However, challenges such as competition from other insurtech startups and traditional insurers, regulatory hurdles, and maintaining sustainable growth could pose obstacles. Navigating these challenges will be crucial for Pineapple as it continues to disrupt the insurance industry and drive its expansion plans.
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