SA startup Pineapple to take on US market with Hartford InsurTech Hub

Just months after winning a place in the prestigious Google Launchpad Africa accelerator, Joburg based insurtech Pineapple has been accepted into the US based Hartford InsurTech Hub.

The accelerator, which is funded by Startupbootcamp (affiliated with SBC Afritech in Cape Town) and has been running since last year, unveiled its 2019 cohort of startups last week, in an announcement carried on US publication Insurance Journal.

According to the announcement, the 10 teams were selected from more than 230 applications and will relocate to Hartford, Connecticut in the US for the three-month programme which starts in February next year.

Teams will get support in the form of mentorship and access to investors from the accelerator’s global network.

Pineapple was the only African startup among  10 participants chosen for the US based Hartford InsurTech Hub from over 200 applicants

In an email to Ventureburn yesterday, Pineapple co-founder Matthew Elan Smith said the startup aims to use the opportunity to accelerate the business in the US.

“We were the only African applicant who made it to the top 22 and after spending last week in Hartford for the final selection we were selected as part of the 10,” he said, adding that the goal is to launch Pineapple in the US next year.

He revealed that in 2019 the startup — which was founded last year by Elan Smith together with Ndabenhle Junior Ngulube and Marnus van Heerden and launched its first insurance product in July — also aims to launch a motor insurance product and increase user growth.

In August the company, along with 10 other startups, was accepted into Google’s second class of Launchpad Accelerator Africa.

Last year in August, the startup announced that it had secured R5.2-million in seed funding from Lireas Holdings, the strategic investment arm of Hannover-Re Group Africa, in return for a 25% stake in the business.

Read more: SA startups Pineapple, Preeva win place in Google’s Launchpad Accelerator Africa
Read more: SA insurtech startup Pineapple to launch insurance product in activation on Friday [Updated]
Read more: SA startup Pineapple secures R5.2m to take on short-term insurance market
Read more: Seven SA insurtech startups to watch [Digital All Stars]

Featured image: Pineapple co-founder Matthew Elan Smith (Supplied)