South African technology investor Naspers said Wednesday it is putting ZAR34 million ($2.3 million) into digital insurance advice platform Ctrl, which helps traditional insurance brokers to digitalise and optimise their businesses.
The investment is part of Naspers’s ZAR1.4 billion commitment to grow early-stage tech companies through its tech investment vehicle Naspers Foundry. This is Naspers Foundry’s first investment in the insurtech space, taking its investment portfolio to six tech companies.
Ctrl joins a number of insurtech startups in Africa that have attracted funding this year. These include Kenya’s AiCare, Alpha Direct of Botswana, Mali- and Uganda-based OKO, and Kenya’s Pula and Curacel.
Ctrl is a digital short-term insurance advice platform that was founded in 2017. It is an insurance marketplace connecting consumers, brokers and insurers on a single platform. The platform enables brokers to provide insurance advice digitally and allows underserved consumers to easily compare multiple quotes, obtain advice, accept cover and manage their policies.
Ctrl was co-founded by Pieter Erasmus, Pieter Venter (CEO) and Francois Venter.
Pieter Venter had previously worked at Absa Bank and Barclays Africa while Francois Venter was with Manulife and Momentum Metropolitan before joining Ctrl. Erasmus had previously worked at ADT and South African financial services firm Momentum before Ctrl.
Fabian Whate, head of Naspers Foundry, said: “Ctrl has created a smart digital platform that unlocks consumer choice and competitive pricing in a previously underserved market.”
Naspers Foundry started writing cheques in 2019. It has so far invested in SweepSouth, an online home and business cleaning services platform; agritech startup Aerobotics; Food Supply Network, an independent B2B marketplace of food products; edtech platform The Student Hub; and mobility startup WhereIsMyTransport.