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Naspers has announced that it is investing R34 million in Ctrl, a digital short-term insurance marketplace that connects consumers, brokers, and insurers on a single platform. This investment was done through its tech investment vehicle, Naspers Foundry, and is a part of Naspers’s R1.4 billion commitment to grow early-stage tech companies. The percentage stake that has been acquired is undisclosed.
“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,” says Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers.
Pieter Venter, CEO, and co-founder of Ctrl, says: “We are ecstatic about Naspers Foundry’s investment, given their vast experience in growing tech start-ups. We believe 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 is a Software-as-a-Service platform that connects insurers, brokers, and consumers in a user-friendly way. It emerged as the MTN App of the Year 2018 for the best financial solution and won the Best Social Impact award in SA Startup Awards 2019. It was recently selected for the Endeavour and SA SME Fund Local Scale-Up program.
