Root Platform (Root), the provider of a low-code, API-first, end-to-end insurance technology platform, has announced a new investment today.
Invenfin, the venture and growth capital arm of Remgro Limited based in South Africa, has increased its investment in the company by $1.5 million.
“We’ve built a trusted partnership with Invenfin since they invested in our business two years ago, and I’m delighted that they see further potential in our growth strategy and want to continue to invest in our future as we scale up internationally,” Louw Hopley, Co-Founder at Root, said.
“We want to continue to expand in the UK while also making strides into the rest of Europe, and this growth capital from Invenfin enables us to do just that.
“The time is right for us, as lots of insurers are realising that innovative partner insurance channels such as embedded insurance are essential, and they want to invest in the robust, API-first technology they need to get to market quickly and confidently. We’re excited about what is to come over the next few years for our business.”
Founded in South Africa in 2016, Root offers a low-code platform that empowers the creation of modern digital insurance products, suitable for direct, affinity, and embedded distribution at scale.
The company previously secured funding from investors, including Invenfin, in 2021.
With this latest injection of capital, Root is set to expedite its expansion plans in the UK and Europe. Details of the previous investment round remain undisclosed.
“Root is a great example of the type of company that Invenfin looks to invest in: a strong team building a world-beating product that’s winning in its South African home market and has clear potential globally,” Theo van den Berg, Investment Executive at Invenfin, said.
“We believe in Root’s vision that the future of insurance is embedded, enabling companies to provide much more accessible, contextual and affordable insurance to consumers. We’re excited to back Root again following our first investment in 2021, as it accelerates its growth in the UK and beyond.”
