Co-founded by Ernest North, Alex Thomson, and Sumarie Greybe.  South African-based Naked is a fully digital insurance platform. Enhanced by artificial intelligence and automation, the platform offers instant insurance cover for cars, homes, and standalone items. The round is led by Naspers with an R120 million ($8 million) injection, the remaining round balance was funded by existing investors Hollard and Yellowwood.

It's the largest investment yet made by Naspers, which is one of the largest technology investment companies in the world. With R1.4 billion ($96 million) in financial muscle, Naspers Foundry has previously also invested in The Student Hub, SweepSouth , Aerobotics, WhereIsMyTransport, Food Supply Network, and Ctrl.

“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 sustainability lower premiums,” said Thomson.

Phuthi Mahanyele-Dabengwa, South Africa's chief executive officer (CEO) of Naspers, said South Africans were 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,” she said.

Head of Naspers Foundry Fabian Whate said in a statement."We’re excited to support Naked in its 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,”.

For more on Naspers: In this iAfrikan BYTES podcast, Fabian Whate, Head of Naspers Foundry, explains what the fund and organization do to develop South Africa's technology startups and innovation ecosystem.  

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