21
July
2021
|
10:00
Europe/Amsterdam

Naspers boosts digital short-term insurance platform Ctrl with R34 million investment

NASPERS BOOSTS DIGITAL SHORT-TERM INSURANCE ADVICE PLATFORM, CTRL, WITH R34 MILLION INVESTMENT

  • Ctrl is South Africa’s first digital short-term insurance marketplace connecting consumers, brokers and insurers on a single platform
  • Ctrl enables traditional insurance brokers to digitalise and optimise their businesses
  • Ctrl provides improved access to underserved consumers by improving convenience and control over their insurance
  • Naspers Foundry makes its first investment in insurtech — taking its investment portfolio to six tech companies

Naspers is boosting the South African insurtech sector with a R34 million investment in digital insurance advice platform, Ctrl. The investment is part of Naspers’s R1.4 billion commitment to grow early-stage tech companies through its tech investment vehicle, Naspers Foundry.

Ctrl is a digital short-term insurance advice platform that was founded in 2017. Ctrl provides a unique tech solution to the short-term insurance industry and consumers through its single platform, which connects consumers, brokers and insurers in one place. The platform enables brokers to provide insurance advice digitally and allows underserved consumers to easily compare multiple quotes, obtain advice, accept cover and manage their policies.

Ctrl offers consumer-facing businesses an opportunity to enter the insurance advice industry by providing insurance solutions to their existing clients, enabling them to generate an additional income stream.

The result is a service that gives consumers more convenience and more control over their own insurance needs and provides insurance advisors with a more effective way to service their clients, freeing up time to focus on their customers’ needs.

Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers, said: “Ctrl is a great example of how innovations in technology can improve upon traditional business models that we use in our everyday lives. Our investment in Ctrl reflects the importance of the work Naspers Foundry is doing in South Africa. We seek to partner with phenomenal local entrepreneurs so that together, we can build technology-led companies that help to make people’s everyday lives better.”

Fabian Whate, Head of Naspers Foundry, said: “Ctrl has created a smart digital platform that unlocks consumer choice and competitive pricing in a previously underserved market. Everyone at Naspers Foundry is thrilled to make our first insurtech investment, and we look forward to working with the talented team at Ctrl as their business reaches new heights.”

Pieter Venter, CEO and Co-founder of Ctrl, said: “We are ecstatic about Naspers Foundry’s investment given their vast experience in growing tech start-ups. We believe that we are now in the best position to grow our business, and we are excited about Ctrl’s future as we transform the insurance industry.

Ctrl has received many accolades in its quest to accelerate the digital transformation of the insurance industry. These include MTN App of the Year: Best Financial Solution in 2018 and Best Social Impact at the SA Startup Awards in 2019. In addition, Crtl was recently selected for the Endeavor and SA SME Fund Local Scale Up programme.

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About Naspers

Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus. In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies in the country. These include Takealot, Mr D Food, Superbalist, OLX, Autotrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business. Naspers is also focused on stimulating South Africa’s local tech sector through Naspers Foundry. This is a R1.4 billion investment vehicle that invests in early-stage technology companies that seek to address big societal needs. To help address youth unemployment in impoverished communities, in 2019, Naspers launched Naspers Labs, a development programme that provides young people with the training and skills to pursue tech careers.

Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ) and a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has an ADR listing on the London Stock Exchange (LSE: NPSN).

For more information, please visit www.naspers.com.

Naspers Foundry

Naspers Foundry is a R1.4 billion early-stage business funding vehicle dedicated to growing South Africa-focused technology companies.

In 2019, Naspers Foundry invested R30 million in SweepSouth, an online home and business cleaning services platform that connects clients with trusted, reliable cleaners.

Visit www.sweepsouth.com for more information.

In May 2020, Naspers Foundry invested R100 million in Aerobotics, an agritech company that provides tree crop health and yield intelligence data to the agricultural industry using drone and satellite-enabled AI technology.

Visit www.aerobotics.com for more information.

In September 2020, Naspers Foundry closed a transaction in Food Supply Network on undisclosed terms. The independent B2B marketplace integrates ordering systems of manufacturers, distributors, and buyers (restaurants, hotels and retailers) of food products.

Visit www.foodsupply.co.za for more information.

In November 2020, Naspers Foundry invested R45 million in online learning platform, The Student Hub. The company helps overcome the constraints of limited physical infrastructure and related resources by partnering with government accredited Technical and Vocational Education and Training (“TVET”) colleges to help them deliver their courses online.

Visit www.thestudenthub.co.za for more information.

In June 2021, Naspers Foundry invested R42 million in mobility technology company WhereIsMyTransport. The company maps formal and informal public transport networks and uses this data and technology to improve the public transport experience for millions of consumers in high-growth megacities globally.

Visit www.whereismytransport.com for more information.

In June 2021, Naspers Foundry invested R30 million in digital short-term insurance company Ctrl to further help enable traditional financial advisors to digitalise and optimise their businesses by automating administrative processes. The company provides improved access to underserved consumers by improving convenience and control over their insurance and is South Africa’s first digital short-term insurance marketplace solution connecting clients, brokers and insurers on a single platform.

Visit www.takectrl.co.za for more information.

Naspers Labs

Naspers Labs is a youth development programme designed to transform and launch South Africa’s unemployed youth into economic activity. Naspers Labs is evolving its offering to focus on digital skills and training, enabling young people to pursue tech careers.

Visit www.nasperslabs.org for more information.

Naspers for Good 

Naspers for Good is a corporate philanthropy fund administered by a committee of employees in South Africa. Through the fund, Naspers forms partnerships with organisations that have a proven track record of delivering solutions for the most pressing challenges affecting our communities.

Email [email protected] for more information.

Response to Covid-19

Naspers contributed R1.5 billion of emergency aid in support of the South African government’s response to the Covid-19 pandemic. This contribution consisted of R500 million towards the Solidarity Fund, and R1 billion worth of PPE sourced and distributed to South Africa’s front-line healthcare workers. In addition, Naspers contributed R6.9 million to the Nelson Mandela Foundation’s EachOne FeedOne programme to support families who have been impacted by Covid-19 with meals for a year.

About Naspers

Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus.

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