IFC considering investment in South Africa's Naked
The IFC is considering an equity investment of up to $10 million into Naked Financial Technology Pty Ltd (Naked), a full-stack insurtech in South Africa that offers personal-lines auto, home and single item insurance. The investment will be into a holding entity in South Africa that owns 100% of Naked.
Shares of the company are held by the co-founders, Yellowwoods Capital (a South Africa-based private investment group), Hollard Group (a South Africa-based privately-owned insurance group) and Naspers Foundry (an investment vehicle of Naspers that focuses on South Africa’s local tech start-ups).
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