AI insurer Naked grabs the attention of the World Bank's IFC and other global investors

Disruptive AI-driven insurer, Naked Insurance, has attracted the attention of the World Bank's International Finance Corporation (IFC) and the German Development Finance Institution (DEG). The two development financiers have thrown US$17 million (R290 million) into Naked's Series B funding.

The insurer has been noticed by several heavyweights in the past, including Naspers, whose startup fund invested R120 million in the company in 2021. It raised a total of about R160 million in funding in 2021 (US$11 million at the time). Before that, Naked raised R50 million as seed funding backed by Yellowwoods and Hollard. Yellowwoods and Hollard are also taking part in this latest funding round.

"It's actually an interesting story because the IFC conducted a landscaping study of InsurTech across Africa. And based on that, they identified us as their primary target, or the company they wanted to invest in the most across the continent," said Naked co-founder Alex Thomson.