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Naspers steps into insurtech with R34mn investment in Ctrl
Naspers has injected R34 million into insurtech company Ctrl. This is the first insurtech investment for Naspers Foundry. Founded in 2017, Ctrl connects consumers, brokers and insurers in one platform. Fabian Whate, Head of Naspers Foundry joins CNBC Africa for more.
Wed, 21 Jul 2021 10:57:33 GMT
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AI Generated Summary
- Ctrl's unique marketplace model connects insurers, consumers, and brokers on one platform, positioning the company as a standout player in the insurtech space.
- Naspers Foundry's R34 million investment in Ctrl makes them a minority equity holder, signaling a collaborative effort to fuel the company's growth and expansion.
- Ctrl's future plans include enhancing its tech platform, onboarding new customer segments, and focusing on digitalization to streamline the insurance process for all stakeholders involved.
South African tech giant Naspers has made a bold move into the insurtech sector with a R34 million investment in Ctrl, marking the first insurtech investment for Naspers Foundry. Founded in 2017, Ctrl has established itself as a unique marketplace that connects insurers, consumers, and traditional insurance brokers all on one platform. Fabian Wait, Head of Naspers Foundry, joined CNBC Africa to discuss the details of this significant investment and shed light on the future of Ctrl. Control, often flying under the radar due to its B2B focus, sets itself apart in the insurtech landscape with its innovative approach. The company's customer base has experienced significant growth over the years, catering to a mix of large enterprises and traditional brokers. The R34 million injection from Naspers Foundry will see them become a minority equity holder in Ctrl, alongside other shareholders including the founders and Sunlam. The investment will be instrumental in fueling Ctrl's expansion, particularly in enhancing its tech capabilities, customer service, and marketing efforts. Ctrl's focus moving forward will be on enhancing its product offering, onboarding new customer segments such as commercial SMEs, and further expansion into the consumer-facing market. With a strong emphasis on digitalization and efficiency, Ctrl aims to streamline the insurance process for both consumers and brokers, ensuring a win-win scenario for all stakeholders involved. Naspers' partnership with Ctrl signifies a strategic move into the evolving insurtech sector, underlining the company's commitment to supporting innovative startups in South Africa's tech ecosystem.
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