SA insurtech startup Root closes a $3M seed funding round

Cape Town-based startup Root has closed a $3 million seed funding round. The startup is a cloud-based end-to-end insurance platform building infrastructure for the digital insurance economy.

The round was led by several top angel investors and primary investors Base Capital, Invenfin, Luno, P1 Ventures, Savannah Fund, and FireID.

Root will deploy the capital towards its flexible low-code digital insurance platform while targeting innovators in new geographies. Organizations of any size can build, sell or manage their digital insurance products while in the process unlocking modern engagement channels. Formed in 2016, the company looks to break down barriers in innovation in the financial services sector through easy-to-use APIs.

The CEO at Invenfin Stuart Gast expressed confidence in partnering with Root attributing it to the ability to “positive impact on insurance, both in South Africa and abroad.”