Transaction Summary
South African insurtech company Naked Financial Technology Pty Ltd (Naked) has announced the completion of a $38 million (R700 million) Series B extension round led by BlueOrchard Finance Ltd (BlueOrchard) with increased participation from existing investors, including South Africa’s third-largest non-life insurer, Hollard Insurance Group (Hollard), Yellowwoods (parent company of the Hollard Insurance Group), the International Finance Corporation (IFC), and Germany’s development finance institution (DEG). This round builds on Naked’s $17 million Series B led by the IFC in 2023. Founded in 2018, Naked is a non-life insurer that provides fully digital car and home insurance across South Africa, leveraging AI and automation to enhance customer experience. The funding will support Naked’s expansion into new markets, deepen its AI capabilities, grow its customer base through enhanced advertising, and meet regulatory capital requirements tied to its rapid growth. BlueOrchard invested through the InsuResilience Investment Fund (IIF), established by KfW, a German
