South Africa's Mineworkers Investment Company backs car insurance platform
South Africa's Mineworkers Investment Company backs car insurance platform
South Africa’s Mineworkers Investment Company (MIC) has invested R68.5 million (c. $3.8 million) in one of South Africa’s biggest insurtech companies, Pineapple.
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South Africa’s Mineworkers Investment Company (MIC) has invested R68.5 million (c. $3.8 million) in one of South Africa’s biggest insurtech companies, Pineapple.
The investment underscores MIC’s commitment to future-proofing its core portfolio through high-tech direct investments that target businesses with high growth potential, scalability, and sound management, says Nchaupe Khaole, chief investment officer of the MIC. It forms part of Pineapple’s R400 million (c. $22.1 million) series B funding round.
“We have had a long-standing interest in the insurance industry, driven by the global trend integrating technology into financial services. Pineapple’s unique value proposition lies in its robust technology infrastructure, enabling seamless and rapid onboarding of new policyholders. MIC recognises Pineapple’s commitment to transparency and community engagement, making it an attractive venture for us.”
The investment round was led by new investors Futuregrowth, Talent10 and MIC, with existing investors (Old Mutual ESD, Lireas Holdings, ASISA, and E4E Africa) continuing to back the business.
Pineapple offers simple and affordable comprehensive car insurance via its website and app in partnership with Old Mutual Insure. Customers can get a full insurance quote and buy their policy online in under two minutes.
The company’s distinctive approach involves a community-led model, fostering joint success among policyholders. While details of this innovative system are still evolving, Pineapple aims to reward its community members collectively, setting it apart from traditional, individualistic bonus structures.
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