Naspers, through its Foundry start-up investment business, said on Wednesday that it is investing R34-million in Ctrl, a digital short-term insurance marketplace that connects consumers, brokers and insurers on a single platform.
It’s the first investment by Naspers Foundry in an “insuretech” business, and the deal takes its investment portfolio to six technology companies. The parties did not disclose what percentage stake has been acquired.
“The investment is part of Naspers’s R1.4-billion commitment to grow early-stage tech companies through its tech investment vehicle, Naspers Foundry,” Naspers said in a statement.
Ctrl was founded in 2017 and its platform allows brokers to provide insurance advice digitally and consumers to compare multiple quotes, obtain advice, accept cover and manage their policies.
Ctrl won the MTN App of the Year in 2018 in the category “best financial solution”. It was also awarded “best social impact” award at the Southern Africa Startup Awards in 2019. In addition, Ctrl was recently selected for the Endeavor and SA SME Fund Local Scale Up programme.
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