South African short term insurance startup, Ctrl, has raised $2.3m from Naspers Foundry, an early-stage business funding initiative run by Naspers Group.
“We are ecstatic about Naspers Foundry’s investment given their vast experience in growing tech start-ups,” Pieter Venter, CEO and Co-founder of Ctrl, said.
“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.”
Why The Investor Invested
“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,” said Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers.
Read also:Top 50 Announced in Africa’s Business Heroes 2021 Prize Competition
“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.”
This is Naspers Foundry’s first investment in an insurtech startup.
Naspers is one of the leading technology investors in South Africa, and it is devoted to growing its internet and ecommerce businesses in the country. Takealot, Mr D Food, Superbalist, OLX, Autotrader, Property24, and PayU, as well as Media24, South Africa’s largest print and digital media company, are among them.
Through Naspers Foundry, Naspers is also focusing on boosting South Africa’s domestic tech economy. This R1.4 billion fund invests in early-stage technological firms that aim to address major societal issues.
Read also:Nigeria’s Terragon Verified as Leader in Data and Marketing Technology
Naspers Labs, a development programme that gives young people with the knowledge and skills to pursue tech careers, was started in 2019 to help alleviate youth unemployment in underprivileged places.
A Look At What The Startup Does
Ctrl was founded in 2017 by Pieter Venter as a digital short-term insurance advising platform. Ctrl offers a one-stop shop for consumers, brokers, and insurers in the short-term insurance business.
Underserved consumers may simply compare numerous quotations, seek advise, accept coverage, and maintain their policies using the platform, which allows brokers to deliver insurance advice digitally.
Ctrl allows consumer-facing organizations to enter the insurance consulting market by giving insurance solutions to their existing customers, allowing them to gain additional revenue.
As a result, consumers have more convenience and control over their insurance needs, while insurance advisors have a more efficient manner of serving their clients, freeing up time to focus on their customers’ needs.
Read also:On Track To Conquer African Fintech Market, MFS Africa Enters Sierra Leone
Ctrl has garnered numerous awards for its efforts to advance the insurance industry’s digital transformation in South Africa.
MTN App of the Year: Best Financial Solution in 2018 and MTN App of the Year: Best Social Impact at the SA Startup Awards in 2019 are two examples.
Crtl was also chosen for the Endeavor and SA SME Fund Local Scale Up program recently.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer