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Naspers announces R34m insurtech investment

By , ITWeb
South Africa , 21 Jul 2021
Phuthi Mahanyele-Dabengwa, South Africa CEO, Naspers.
Phuthi Mahanyele-Dabengwa, South Africa CEO, Naspers.

Naspers has announced a R34-million investment in South African digital insurance advice platform Ctrl, which it describes as a boost for the country’s insurtech sector.

According to a statement released to the media, the investment is part of Naspers’s R1.4 billion commitment to grow early-stage tech companies through its tech investment vehicle, Naspers Foundry.

Ctrl is a digital short-term insurance advice platform that was founded in 2017. Ctrl provides a unique tech solution to the short-term insurance industry and consumers through its single platform, which connects consumers, brokers and insurers in one place.

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 offers consumer-facing businesses an opportunity to enter the insurance advice industry by providing insurance solutions to their existing clients, enabling them to generate an additional income stream. The result is a service that gives consumers more convenience and more control over their own insurance needs and provides insurance advisors with a more effective way to service their clients, freeing up time to focus on their customers’ needs,” reads a section of the statement.

Phuthi Mahanyele-Dabengwa, South Africa CEO, Naspers, said: “Ctrl is a great example of how innovations in technology can improve upon traditional business models that we use in our 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.”

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. 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.”

Pieter Venter, CEO and Co-founder of Ctrl, said: “We are ecstatic about Naspers Foundry’s investment given their vast experience in growing tech start-ups. 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.”

In June ITWeb reported on Naspers’ financial results and that its e-commerce portfolio was valued at R546-billion, with the company having announced blowout e-commerce revenue growth of 55% for the year.

The company stated: “For the first time, we are confirming an independent valuation of our e-commerce portfolio of $39 billion. This is almost double the valuation of a year ago and it has delivered an annual return in excess of 20% since 2008.”

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