Founded Year

2016

Stage

Series A | Alive

Total Raised

$14.6M

Last Raised

$11M | 1 yr ago

About Naked

Naked uses an artificial intelligence based algorithm to bring down the cost of car insurance, by removing the business process such as call centers. The fraud algorithms permit certain claims to be approved instantly, reducing inconvenience and lowering the cost of premiums.

Naked Headquarter Location

Gordon Hill Road

Gauteng, 2196,

South Africa

+27 860 995 125

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Expert Collections containing Naked

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Naked is included in 3 Expert Collections, including Fintech.

F

Fintech

3,615 items

I

Insurtech

3,311 items

Companies and startups that use of technology to improve core and ancillary insurance operations. Companies in this collection are creating new product architectures, improving underwriting models, accelerating claims and creating a better customer experience

A

Artificial Intelligence

9,093 items

This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.

Naked Patents

Naked has filed 8 patents.

The 3 most popular patent topics include:

  • Body shape
  • Computer hardware cooling
  • Cooling technology
patents chart

Application Date

Grant Date

Title

Related Topics

Status

7/13/2017

5/11/2021

Sensors, Medical imaging, Body shape, Obesity, Medical signs

Grant

Application Date

7/13/2017

Grant Date

5/11/2021

Title

Related Topics

Sensors, Medical imaging, Body shape, Obesity, Medical signs

Status

Grant

Latest Naked News

Naspers Foundry leads $8.3m Series A investment in South African insurtech startup Naked

Aug 6, 2021

Naspers Foundry leads $8.3m Series A investment in South African insurtech startup Naked Published: 06-08-2021 14:07:00 | By: Pie Kamau | hits: 26 | Tags: Naspers, through its early-stage tech investment vehicle Naspers Foundry, invested $8.3 million (R120 million) in Naked, the artificial intelligence (AI)-driven insurtech startup that offers full digital insurance to cars, homes, and valuables. This transaction is Naspers Foundry’s second insurtech investment in two weeks and its biggest investment to date. The investment is part of Naspers’s R1.4 billion commitment to grow South Africa’s early-stage tech ecosystem through Naspers Foundry. Phuthi Mahanyele-Dabengwa , South Africa CEO of Naspers, said: “South Africans are in general underinsured when it comes to short-term personal insurance. While this is often due to price, consumer distrust and complexity have led to a misunderstanding of insurance. Naked’s offering is convenient, transparent and passes the cost savings from its innovative technology on to customers. It improves financial inclusion, in line with Naspers Foundry’s objective of investing in technology businesses that have a positive impact on society.” Co-founded by actuaries Alex Thomson , Sumarie Greybe , and Ernest North , Naked uses AI and automation to create a new type of insurance experience. Built from scratch and free from legacy processes and systems, Naked is pioneering a business model that aims to restore trust in how insurance works. Consumers benefit from lower costs as well as more control of and convenience in their insurance experience. They can get a final insurance quote for their home, its contents, their standalone items or their car in less than 90 seconds, and switch or pause their cover, all online, without speaking to a contact centre agent. Fabian Whate , Head of Naspers Foundry, said: “We’re excited to support Naked in their journey of pioneering a new generation of insurance, giving consumers access to convenience, control and savings with its end-to-end digital processes. This fits in with our focus of backing purpose-driven technology businesses. Investing in Naked is consistent with the portfolio we’ve built to date and Naspers Foundry’s healthy pipeline of potential future investments.” Alex Thomson, Co-founder of Naked, commented: “Our ambition is to build insurance that people love by offering an experience that is affordable, convenient and transparent. We have come a long way since our launch in 2018 towards meeting these goals, including enabling customers to buy cover online in seconds, allowing them to claim and manage cover on our award-winning app, and passing on huge savings through sustainably lower premiums. But this is just the start of our journey to reinvent insurance. We are excited to have an investor of Naspers Foundry’s calibre onboard to work with us as we expand our team, continue to invest in the technology that puts customers in control, meet the insurance needs of a growing portion of the SA market and enter into international markets.” Existing Naked investors, Yellowwoods and Hollard, also participated in the funding round, endorsing Naked’s growth plans and its success in rebuilding insurance for social good.

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Naked Rank

  • When was Naked founded?

    Naked was founded in 2016.

  • Where is Naked's headquarters?

    Naked's headquarters is located at Gordon Hill Road, Gauteng.

  • What is Naked's latest funding round?

    Naked's latest funding round is Series A.

  • How much did Naked raise?

    Naked raised a total of $14.6M.

  • Who are the investors of Naked?

    Investors of Naked include Hollard Investments, Yellowwoods and Naspers.

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