South Africa’s Root Secures $1.5M Boost from Invenfin for Global Expansion of Innovative Insurance Technology

Root, the pioneering force behind a low-code, API-first, end-to-end insurance technology platform, has unveiled a significant boost to its financial arsenal in a strategic move towards global expansion.

In a testament to their ongoing partnership, Invenfin, the venture and growth capital arm of South Africa’s Remgro Limited, has demonstrated renewed faith in Root’s vision by injecting an additional $1.5 million into the company. Root’s Co-founder, Louw Hopley, expressed his enthusiasm, saying, “Our enduring collaboration with Invenfin, dating back to their initial investment two years ago, has been incredibly rewarding. Their continued support speaks volumes about their confidence in our growth trajectory as we gear up for international expansion.”

Root’s Co-founder, Louw Hopley
Root’s Co-founder, Louw Hopley

With eyes set firmly on the United Kingdom and the broader European market, Root seeks to capitalize on the evolving landscape of insurance. Invenfin’s strategic infusion of capital is poised to expedite this ambitious endeavor. Hopley further elucidated, “This is an opportune moment for Root, as insurers increasingly recognize the pivotal role of innovative partner insurance channels, notably embedded insurance. They are eager to invest in the robust, API-centric technology we provide to swiftly and confidently access these markets. We’re genuinely thrilled about the exciting prospects that lie ahead for our company in the coming years.”

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Root, founded in South Africa in 2016, has been a trailblazer in the low-code platform arena, enabling the creation of contemporary digital insurance products, designed for widespread distribution through direct, affinity, and embedded channels. The company had previously secured investments, including a notable one from Invenfin, in 2021, but details of that previous investment round remain confidential.

The Investment Executive at Invenfin, Theo van den Berg, shared his perspective, remarking, “Root perfectly embodies the kind of enterprise that aligns with Invenfin’s investment philosophy — a dynamic team crafting a globally competitive product that has already demonstrated success in the South African market and exhibits immense global potential. Root’s vision, which centers on the future of embedded insurance, resonates with our belief that companies can offer consumers more accessible, contextual, and affordable insurance solutions. We eagerly stand behind Root as they embark on their growth journey in the UK and beyond.”

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As Root’s coffers swell with this latest financial infusion, the stage is set for an ambitious foray into the UK and European markets. This renewed partnership with Invenfin reaffirms their commitment to revolutionizing the insurance landscape on a global scale, backed by a robust, API-driven technological foundation. The journey ahead holds immense promise for Root, making it a company to watch in the ever-evolving insurance sector.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard