NASPERS, the internet group, has put R34 million into the insurtech sector in digital insurance advice platform, Ctrl, as part of the group’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. It provides a unique tech solution to the short-term insurance industry and consumers through its single platform, which connects consumers, brokers and insurers.
The platform enables brokers to provide insurance advice digitally and allows underserved consumers to compare quotes, obtain advice, accept cover and manage their policies.
Fabian Whate, the 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.”
Naspers is one of the foremost investors in the technology sector, with interests in brands such as Takealot, Mr D Food, Superbalist, OLX, Autotrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business.
Pieter Venter, the chief executive 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.”
Ctrl has received many accolades, including MTN App of the Year: Best Financial Solution in 2018 and Best Social Impact at the SA Startup Awards in 2019.
It was also recently selected for the Endeavor and SA SME Fund Local Scale Up programme.
BUSINESS REPORT