Naked Raises $38M to Redefine South African Insurance
- Naked raised $38 million in Series B2 funding, its largest capital raise to date.
- The funding round was led by BlueOrchard with support from Hollard, Yellowwoods, IFC, and DEG.
- Naked's platform provides 100% online car, home, and single-item insurance policies.
Naked's innovative approach to insurance, particularly its digital-first model and commitment to social responsibility, positions it well to address significant market gaps in South Africa. The company's ability to attract substantial investment in a challenging economic environment speaks volumes about its potential for growth and impact. However, it will be crucial for Naked to navigate regulatory changes effectively and maintain its competitive edge as it expands.
