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South Africa Insurtech Startup, Ctrl, Raises $2.3m Funding From Naspers

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Ctrl, a short term insurance startup, has raised $2.3m from Nasper Foundry. This new round of financing comes after South Africa-based short-term insurer Santam invested in the startup in 2019.

“We are ecstatic about Naspers Foundry’s investment given their vast experience in growing tech start-ups. We believe that we are now in the best position to grow our business, and we are excited about Ctrl’s future as we transform the insurance industry.” Pieter Venter, CEO and Co-founder of Ctrl, said.

The investment is part of Naspers’s ZAR1.4 billion commitment to grow early-stage tech companies through its tech investment vehicle Naspers Foundry. This is Naspers Foundry’s first investment in the insurtech space, taking its investment portfolio to six tech companies.

Fabian Whate, head of Naspers Foundry, said: “Ctrl has created a smart digital platform that unlocks consumer choice and competitive pricing in a previously underserved market.”

Ctrl is a digital short term insurance advisor and aggregator that presents insurance opportunities to its customers conveniently through its app either on iPhone or Android smartphone. Ctrl was founded in 2017 by Pieter Erasmus, Pieter Venter and Francois Venter. It is a digital insurance advice app that enables users to request and accept quotes from different insurers, amend cover, and get advice.

Ctrl has active partnership with more than 20 companies including Santam, Old Mutual, Bryte, Brolink, Absa, KingPrice, Masthead, Wolf & Halo, Grindstone, NID, DealSA, etc.

Naspers Foundry started writing cheques in 2019. It has so far invested in SweepSouth, an online home and business cleaning services platform; agritech startup Aerobotics; Food Supply Network, an independent B2B marketplace of food products; edtech platform The Student Hub; and mobility startup WhereIsMyTransport.

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