Naspers invests R34m in local insurance advice app Ctrl

Naspers has announced it will invest R34 million in startup Ctrl, a short-term insurance marketplace digital platform that connects clients, brokers, and insurers.

The South African multinational company announced the investment on 21 July.

It forms part of Naspers’ R1.4 billion commitment to help early-stage tech companies via its Naspers Foundry investment vehicle.

Clients can compare quotes, accept coverage, and manage their policies.

“Ctrl is a great example of how innovations in technology can improve upon traditional business models that we use in our everyday lives,” Naspers CEO Phuthi Mahanyele-Dabengwa said in a statement.

“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.”

Pieter Erasmus, Pieter Venter, and Francois Venter founded Ctrl in 2017.

The mobile app lets insurance brokers offer advice digitally. Clients can compare quotes, accept coverage, and manage their policies. The app also lets consumer-facing businesses enter the insurance advice industry and offer solutions to their clients.

Ctrl insurance partners include Santam, ABSA, Bryte, King Price, Old Mutual Insure, and MiWay.

The app is available to download on the Apple App Store and Google Play Store.

Since its launch, Ctrl has received awards such as MTN App of the Year: Best Financial Solution in 2018. It also received Best Social Impact at the 2019 SA Startup Awards.

“We are ecstatic about Naspers Foundry’s investment given their vast experience in growing tech start-ups,” Pieter Venter said.

“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.”

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Featured image: Ventureburn