Pineapple (Formerly know as Amyti), a Johannesburg, South Africa-based insurtech startup, raised ZAR5.2m (approx. US$400k) in seed funding.
Backers included Lireas Holdings, the strategic investment subsidiary of Hannover Re Group Africa.
The company intends to use the funds to launch its platform within the end of the year.
Led by Matthew Elan Smith, Pineapple is advancing a mobile-first, decentralised, peer-to-peer insurance platform which returns the unused premium back to the consumer. Users can also see how money is used and withdraw what’s left.