South African insurtech startup Pineapple has made it to the final of the global VentureClash challenge, standing the chance to win a share of a US$5 million investment pool.
Founded in 2017, Pineapple allows users to get quotes and insurance on items with just the snap of a picture.
The startup raised funding in 2017 and has taken part in Google’s Launchpad Africa accelerator and the US-based Hartford Insurtech Hub, and has now been named a finalist in the VentureClash competition.
Managed by Connecticut Innovations, VentureClash is a global venture challenge that identifies early-stage companies in digital health, fintech, insurtech and the Internet of Things (IoT) to receive investments from a US$5 million investment award pool.
Almost 300 applications from more than 20 countries around the world were received for this year’s edition, and after taking part in a semi-final round along with 27 other companies Pineapple will now compete at the final pitch event on October 17. There it will compete with 10 other businesses for a share of the investment pool.
The startup has already been awarded the US$25,000 VentureClash Innovation Prize. provided by Travelers. The VentureClash Innovation Prize is awarded to VentureClash competitors developing solutions and pursuing market opportunities in insurtech.
“We are thrilled to be in the finals of VentureClash. It reaffirms to us that the Pineapple solution solves global issues and can stand firm on the global stage,” said the startup’s co-founder Matthew Elan Smith.
Matt McCooe, chief executive officer (CEO) of Connecticut Innovations, said this year’s VentureClash competition had been both intense and exciting, as it has attracted so many impressive early-stage companies from around the world.
“The selection of Pineapple as a finalist reflects the positive impression the company has made during the process. We look forward to seeing their final pitch presentation next month at Yale,” he said.