Insurtech Root raises additional US$1.5m to fuel expansion

South African insurtech Root has generated US$1.5m in additional funding to fuel its UK and European expansion

Root, an insurtech based in South Africa, has secured US$1.5m in additional funding to speed up its expansion initiatives, as it looks to establish itself across Europe and the UK, as well as build upon its success in its native market. 

The insurtech, founded in 2016, offers an end-to-end platform for insurers, designed to assist in managing, marketing and creating digital insurance products. 

Leveraging APIs to simplify the complexities of delivering insurance products, Root’s mission is to empower insurers to independently develop and launch their own products. 

Root: Capital gains for market growth

The additional funding secured by Root was led by the VC and growth capital arm of Remgro, Invefin, following earlier investment from the VC firm in 2021. 

Root will use its latest investment to fuel its expansion efforts in the UK, where it launched earlier this year in May 2023. 

In Europe, the insurtech will look to further capitalise on the growing demand for technology-based insurance solutions on the continent. 

Root Co-founder Louw Hopley says: "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.

“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.”

Investment Executive at Invenfin, Theo van den Berg, adds: “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. 

“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.”


For more insights from InsurTech Digital, you can see our latest edition of the InsurTech Digital here, or you can follow us on LinkedIn and Twitter

You may also be interested in our sister site, FinTech Magazine, which you can also follow on LinkedIn and Twitter.

Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18th October 2023. 


BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.


Featured Articles

UHG CEO Witty Admits Hack hit Third of US Citizens' Data

US congressional hearing learns from UnitedHealth Group CEO Andrew Witty that Change Healthcare cyberattack compromised data of third of the US population

Allianz Announces Partnership With Clearspeed

Emerging scams like moped fraud and shallow fakes pose new challenges to insurers, so more sophisticated detection systems are crucial

Milliman Arius: Reserve Analysis with an End-to-End Solution

Insurers face risks and errors with current reserve analysis methods – and Arius provides the answer

Allstate: BCG Partner Harnesses Gen AI to Transform CX

Technology & AI

Comarch Diagnostic Point: Next Gen European Health Insurance


MoneyLIVE Summit 2024: Qover Talks Embedded Insurance