South African startup Ctrl, a digital short-term insurance marketplace connecting consumers, brokers and insurers on a single platform, has become the sixth startup to raise funding from Naspers Foundry, securing ZAR34 million (US$2.335 million) to help it scale.
Launched in May 2017, Ctrl enables traditional insurance brokers to digitalise and optimise their businesses, and provides improved access to underserved consumers by improving convenience and control over their insurance.
Naspers, one of the largest technology investors in the world, launched Naspers Foundry, a ZAR1.4 billion (US$96 million) fund to help South African tech entrepreneurs grow their startups, in October 2018. It has since invested in SweepSouth, Aerobotics, Food Supply Network, The Student Hub and WhereIsMyTransport.
Its sixth investment is Ctrl, with Pieter Venter, the startup’s chief executive officer (CEO) and co-founder, telling Disrupt Africa the Naspers investment formed Ctrl’s Series A round, after it secured seed funding from Santam back in 2019.
“We are ecstatic about Naspers Foundry’s investment given their vast experience in growing tech startups. We believe that we are now in the best position to grow our business, and we are excited about Ctrl’s future as we transform the insurance industry,” he said.
Naspers’ South Africa chief executive officer (CEO) Phuthi Mahanyele-Dabengwa said Ctrl was a great example of how innovations in technology can improve upon traditional business models that people use in their everyday lives.
“Our investment in Ctrl reflects the importance of the work Naspers Foundry is doing in South Africa. We seek to partner with phenomenal local entrepreneurs so that together, we can build technology-led companies that help to make people’s everyday lives better,” Mahanyele-Dabengwa said.
Fabian Whate, head of Naspers Foundry, said Ctrl had created a smart digital platform that unlocks consumer choice and competitive pricing in a previously underserved market.
“Everyone at Naspers Foundry is thrilled to make our first insurtech investment, and we look forward to working with the talented team at Ctrl as their business reaches new heights,” he said.