# Pineapple Tech

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/pineapple-tech

- Industry: Insurance
- Headquarters: Johannesburg, South Africa
- Website: www.pineapple.co.za
- Total disclosed funding: $28M
- Latest round: Series B (Nov 15, 2023)
- Investors on record: 9

## About

Pineapple Tech, based in South Africa, operates in the insurance sector, providing innovative and affordable insurance solutions primarily through a user-friendly mobile application.Founded in 2017 in Johannesburg, South Africa, Pineapple Tech specializes in offering insurance products. The company raised ZAR 400 million in Series B funding on November 15, 2023, led by new investors including Futuregrowth Asset Management and Talent10 Holdings, with participation from existing investors. The founders, Kari Marsden, Marnus van Heerden, Matthew Smith, and Ndabenhle Ngulube, have experience in technology and insurance sectors, enhancing the company's strategic vision.Pineapple offers innovative insurance products, focusing on affordable car insurance and per-item insurance through a mobile app. Their core offerings include comprehensive car insurance starting from R19 per day, alongside emergency assistance and a digital platform for policy management, catering primarily to tech-savvy individuals in South Africa.Pineapple generates revenue through subscription-based insurance premiums tailored to client risk profiles. Their app enables users to obtain policies in under five minutes, offering various coverage options including car insurance. The competitive premium structure aims to enhance customer satisfaction and retention, establishing a strong revenue stream from their growing client base.In November 2023, Pineapple Tech secured ZAR 400 million in Series B funding to enhance customer insurance premiums and accelerate growth. The company plans to introduce new insurance products and expand its market presence, focusing on tech-savvy consumers. Recent funding will support these initiatives, ensuring better insurance premium savings for customers.

## Funding rounds

- Series B, Nov 15, 2023, $22M — Old Mutual Investment Group South Africa, Futuregrowth Asset Management, Lireas Holdings, Mineworkers Investment Company Pty Ltd, Asisa, E4E Africa, Talent10 Holdings
- Series A, Jul 26, 2021, $5.4M — Old Mutual Investment Group, Lireas Holdings, Vunani Capital, Asisa, E4E Africa
- Seed, Aug 29, 2017, $0.4M — Lireas Holdings

## Investors

- Lireas Holdings (https://capitalatlas.ai/funds/lireas-holdings) — Seed, Series A, Series B
- Old Mutual Investment Group (https://capitalatlas.ai/funds/old-mutual-investment-group) — Series A
- Vunani Capital — Series A
- Asisa — Series A, Series B
- E4E Africa (https://capitalatlas.ai/funds/e4e-africa) — Series A, Series B
- Old Mutual Investment Group South Africa — Series B
- Futuregrowth Asset Management (https://capitalatlas.ai/funds/futuregrowth-asset-management) — Series B
- Mineworkers Investment Company Pty Ltd — Series B
- Talent10 Holdings (https://capitalatlas.ai/funds/talent10-holdings) — Series B