Root Platform (Root), a trailblazing low-code, API-centric insurance technology platform provider, has announced a strategic investment of $1.5 million from Invenfin, the venture and growth capital arm of Remgro Limited, headquartered in South Africa.
Founded in 2016 in South Africa, Root has emerged as a frontrunner in the insurance technology sector, offering a versatile low-code platform tailored to drive the development of cutting-edge digital insurance solutions. These solutions are specifically designed for seamless distribution across direct channels, affinity partnerships, and embedded offerings, all at a scale that befits the modern era. Notably, Root had secured its initial round of external funding in 2021, with participation from Invenfin, although precise investment figures from that round remain undisclosed.
Louw Hopley, Co-Founder at Root, expressed his enthusiasm regarding the sustained collaboration with Invenfin, stating, “We have forged a strong and trusting partnership with Invenfin since their initial investment in our venture two years ago. I am delighted that they recognise the further potential in our growth trajectory and are keen to continue supporting our journey as we embark on international expansion.”
Hopley continued, “Our strategic focus involves a robust expansion in the UK, complemented by our efforts to make significant inroads into the broader European market. The injection of growth capital from Invenfin positions us favourably to achieve these objectives. At present, insurers are increasingly recognising the pivotal role of innovative partner insurance channels, particularly embedded insurance. They seek to invest in the dependable, API-centric technology required to navigate these markets swiftly and confidently. We are genuinely excited about the prospects for our business in the coming years.”
Theo van den Berg, Investment Executive at Invenfin, praised Root’s vision, stating, “Root is a compelling illustration of the type of enterprise that Invenfin actively seeks to invest in. They boast a dynamic team dedicated to building a world-class product that has already garnered significant success in their home market of South Africa, and they exhibit clear global potential.”
Van den Berg added, “We wholeheartedly embrace Root’s belief that the future of insurance hinges on embedding it seamlessly into various contexts, ultimately enabling companies to offer more accessible, contextual, and affordable insurance solutions to consumers. Invenfin is thrilled to reaffirm its commitment to Root, building upon our initial investment in 2021, as they chart their accelerated course in the UK and beyond.”
Root Platform’s recent infusion of capital from Invenfin undoubtedly positions the company for an exciting phase of growth and innovation, as it continues to shape the future of the insurance technology landscape on a global scale.
