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Naked's new funding a 'vote of confidence' from investors

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Digital-only short-term insurance provider Naked Insurance has secured new funding of R700 million, it announced in a statement on Tuesday.
Naked Insurance, a South African insurtech startup, has successfully raised $17 million (R310 million) in a Series B funding round, signaling strong investor confidence in its business model and growth potential. This funding round was led by the International Finance Corporation (IFC) and saw participation from existing investors like Yellowwoods, DEG, and Hollard. The capital injection will be used to enhance Naked's technology platform, expand its product offerings, and increase its market presence both locally and internationally. The company, which offers a customer-centric approach to insurance through its app, aims to disrupt traditional insurance models by providing transparent, user-friendly, and efficient services. This investment not only validates Naked's innovative approach but also underscores the growing interest in insurtech solutions in emerging markets.

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