Led · Equity · Feb 2023

Planet42 offers a rent-to-buy car subscription that lets individuals who cannot get traditional bank credit access personal vehicles through partnerships with dealerships across South Africa. The company evaluates applications using credit bureau, affordability and alternative data with an automated scoring algorithm, validates documents, then purchases vehicles from dealers and rents them to customers. Vehicles are secured with mechanical and comprehensive insurance plus asset-tracking technology. Planet42 opened a physical car marketplace at Menlyn Park Shopping Centre in Pretoria to complement its online platform; nearly 2,000 South Africans have used that marketplace delivery service since launch. The business has delivered more than 20,000 vehicles to customers to date. Financially, Planet42 has raised significant capital to scale and recently secured ZAR300 million (US $15.8 million) in combined debt and equity from Standard Bank. Planet42 is an Estonia-founded, South Africa-based mobility startup offering rent-to-buy car subscriptions that purchases vehicles from dealer partners and rents them to customers assessed by proprietary scoring algorithms. The platform lets customers discover a budget, choose new or pre-owned cars from Planet42’s dealer network, then Planet42 buys the car and rents it on a subscription basis. The company has bought more than 12,000 cars for customers across South Africa and Mexico, including over 5,000 vehicles in South Africa in the last 12 months and 250 delivered in Mexico. Its dealer network has grown from about 700 to 1,000 dealerships, and Planet42 says 89% of its customers would otherwise have had no access to a personal vehicle; dealers report an average 26% increase in sales after partnering. Planet42 has expanded into Mexico as part of a strategy to address transport inequality and aims to scale globally to provide a million cars. The startup became carbon-neutral certified in 2021 and has raised capital to accelerate its growth. Planet42 buys second-hand cars from dealerships and rents them to private customers on a subscription basis, targeting people who lack access to traditional vehicle finance. The company uses proprietary scoring algorithms to underwrite customers in underbanked segments and says 89% of its customers would not have had other means to access a personal vehicle. Planet42 has a network of over 700 dealerships and has listed more than 7,000 cars to customers, growing 25% month-on-month in 2021. It has pursued carbon-neutral initiatives, financing a wind farm project in South Africa with money from carbon offset credits. The company has expanded beyond South Africa by buying its first cars for clients in Mexico, has set up an office there with two staff, and plans further expansion into larger markets. Planet42 aims to have bought over 1 million cars for customers across its markets by 2025. Planet42 provides car subscriptions by purchasing second-hand vehicles from partner dealerships and renting them to customers who are frequently denied traditional bank credit. The company uses a proprietary scoring algorithm to assess individual risk automatically and secures assets with tracking technology plus comprehensive mechanical insurance. Planet42 owns its fleet and generates predictable revenues from subscriptions, which the company says enables sizable debt financing and lower relative costs. Its primary market is South Africa, where it has bought and delivered over 2,000 cars and signed up more than 300 dealerships. The company reports that over 90% of its clientele are those banks deem 'blacklisted.' Planet42 aims to purchase 100,000 cars by 2024, is considering expansion into other emerging markets, and plans to raise a Series A in 2021. Planet42 partners with dealerships across South Africa to buy vehicles and rent them to largely underbanked customers using an automated scoring algorithm that evaluates credit bureau, affordability and alternative data. The company validates applicants with documents such as IDs, payslips and bank statements before purchase and rents the asset to the customer. Vehicles are secured with tracking technology and comprehensive mechanical insurance. Planet42 launched as CarGet in 2017 and is led by co‑founders and CEO Eerik Oja and CFO Marten Orgna. To date nearly 2,000 vehicles have been delivered and the startup is targeting 100,000 cars in South Africa by 2024. The company raised seed funding and will use the proceeds to expand its portfolio of vehicles.

Participated · Equity · Oct 2022

SweepSouth operates an online on-demand home cleaning platform that links clients with domestic workers and local tradespeople. The company was launched in 2014 by Aisha Pandor and Alen Ribic and is active in South Africa, Kenya, Nigeria and Egypt. Management says the business aims to scale further in South Africa and expand operations in Kenya, Nigeria and Egypt while developing a platform that empowers predominantly female domestic workers. The additional funding is intended to expand the South African workforce and infrastructure, launch new services in existing markets, and pursue greenfield growth and acquisitions across Africa and beyond. Investors and company statements emphasize improving the financial and social outcomes for domestic workers as a core goal. SweepSouth operates a marketplace that formalises informal domestic and maintenance work by matching clients with vetted service providers ("SweepStars") for cleaning, gardening, pool care, heavy lifting, repairs and commercial sanitation. The company has expanded its service set to include commercial sanitation in response to Covid-19, creating additional revenue channels and addressing sanitation gaps. SweepSouth reports thousands of SweepStars on its platform, 71% of whom were previously unemployed and 29% underemployed; 84% are primary household breadwinners. The platform offers services in South Africa’s four metros: Johannesburg, Pretoria, Durban and Cape Town. Co‑founded in 2014 by Aisha Pandor and Alen Ribic, the company emphasises dignified, flexible work and social impact while pursuing growth. Financially, SweepSouth previously raised over R60-million in 2019 and has now received a new venture capital investment from Futuregrowth. SweepSouth is an online platform that connects clients with domestic cleaners; it was founded in 2014 by Aisha Pandor and Alen Ribic in South Africa. The company offers on-demand cleaning bookings and has expanded operations across seven South African cities. SweepSouth reports it has tripled its customer base, bookings, and revenue this year and has created about 15,000 job opportunities for domestic workers. It partners with Simply to provide insurance for cleaners and with Caveat Legal to run ‘The Warrior Project’ offering legal help and advice to cleaners. The company is expanding into new verticals beyond domestic services and will use funds to grow SweepSouth Shop, an online platform for buying a range of growth products. SweepSouth also plans to launch SweepSouth Connect to offer plumbing, locksmiths, electrical, childcare and handyman services. SweepSouth is an online cleaning services platform founded in 2014 by Aisha Pandor and Alen Ribic that connects clients with domestic cleaners. The company positions itself as an emerging-market focused platform aiming to expand into other home services and grow beyond South Africa. Co-founder Aisha Pandor said the partnership with Naspers Foundry will help achieve that vision and create meaningful employment opportunities. In October the startup closed a funding round valued at over R60-million, which included a R30-million investment from Naspers Foundry. Previously SweepSouth raised R10-million in 2016 and an undisclosed Series A in 2017 led by Smollan with participation from Draper Darker Flow, Identity Development Fund Managers, CRE venture capital and DJ Black Coffee. The articles do not report revenue or user metrics. SweepSouth is a Cape Town–based on-demand cleaning service that matches customers with cleaners through a tech-enabled platform. The company has positioned itself as a leading tech startup in South Africa’s on-demand services space and has been described as the “Uber of cleaning services.” SweepSouth plans to expand its rapidly growing national footprint and to modernise the cleaning-services industry while creating jobs. The startup has created thousands of job opportunities in recent months, logged over 100,000 hours of cleaning, and grown to employ 10 internal staff with plans to hire more. Financially, SweepSouth has attracted external capital, including seed funding and participation in the 500 Startups accelerator, and most recently secured a new R10-million investment. Co-founder Alen Ribic said the company’s overall valuation is at “very high multiples.”

Led · Equity · Jun 2022

Nile operates a B2B platform that onboards and vets fresh-produce suppliers (including small- and large-scale farmers) and lets buyers browse a live catalog, place orders, and pay through the platform. The company provides logistics via third-party providers and runs a cross-docking warehouse in Johannesburg, offering delivery or hub pickup options. Nile charges farmers a commission (claimed to be significantly lower than traditional intermediaries) and levies service fees to buyers. The startup says it has facilitated the trade of around 30 million kilograms of fruits and vegetables to date. It is already operating in 35 cities and towns across South Africa, Botswana, Eswatini, Mozambique, and Namibia. Following the raise, Nile plans expansion beyond Southern Africa into Eastern and Western African markets.

Led · Equity · Aug 2021

Naked was launched in 2018 by actuaries Alex Thomson, Sumarié Greybe, and Ernest North and is headquartered in South Africa. It operates a fully digital platform that leverages AI and automation to let customers obtain final quotes in under 90 seconds, buy cover online, submit claims, or pause accident coverage without any phone calls. The company is the only platform in South Africa selling 100% of its car, home, and single-item insurance policies online without human intervention. Its proprietary technology enhances risk selection and pricing, producing convenience and cost savings for users while supporting profitable unit economics. Naked’s "Naked Difference" business model takes a fixed percentage of premiums and donates any surplus from unclaimed funds to causes chosen by customers, removing conflicts of interest in claims handling. The company plans to deepen investment in automation and AI, expand products and markets, and increase advertising to grow its customer base while meeting regulatory capital requirements tied to rapid growth. Naked Insurance is a South African digital insurance platform that uses artificial intelligence to automate customer processes without contact-center agents. It offers coverage for cars, homes, contents and standalone items and charges a fixed percentage of customers' premiums; surpluses in lower-claim years go to communities and causes chosen by customers. The company says its technology and business model deliver cost savings that can be passed to customers through lower premiums. The pandemic has shifted how South African millennials buy insurance, increasing demand for online interactions, and Naked aims to leverage automation to reduce claims-journey costs by as much as 30%. The company plans to use new funding to improve its AI, grow its team and expand into new markets. Naked Insurance is a South African insurance startup founded in 2016 and launched in 2018 that offers car, home, renters, and single-item insurance. All of Naked's products are underwritten by Hollard and are sold and managed through the Naked app, where customers can purchase coverage and file claims. The company charges a flat fee upfront to cover running costs and profit, with the remainder used for claims; leftover premiums are paid to causes chosen by clients, a practice the company calls the “Naked Difference.” Naked employs around 39 people and operates in the same space as Pineapple and King Price. Financially, Naked raised $11 million in a round led by Naspers Foundry with participation from existing investors Yellowwoods and Hollard, bringing its total funding to $14.5 million. The company’s fee model is noted as similar to Lemonade’s. Naked Insurance is a South African insurtech providing AI-driven car insurance. Founded in October 2016 by Alex Thomson, Sumarié Greybe and Ernest North, the company launched its first product in April after about 18 months of development. Investors committed additional funding after the startup reported a strong first six months of trading and customer acquisition and retention rates that exceeded expectations. The company currently has 14 staff and plans to grow to around 20, adding data-science positions. Management intends to use the funding to expand the customer base and move into new short-term insurance product categories. Yellowwoods’ head of insurance said Naked helps deliver an improved customer experience and greater fairness for policyholders. Naked Insurance is developing a technology-driven insurance business model aimed at making obtaining insurance effortless, fair and transparent. The startup is led by actuaries Alex Thomson and Sumarié Greybe, formerly partners in EY’s insurance advisory business, who spent the past decade advising many of South Africa’s largest insurance groups. The founders say incumbents struggle to transform because of outdated business models and systems, and that the only way to do things differently was to start from scratch and build new business and technology. Naked has raised ZAR20 million (US$1.4 million) to support its plans. Hollard and private investment firm Yellowwoods participated in the round. The company plans to launch into the market early next year.

Led · Series A · Aug 2021

Naked is a digital insurance platform that offers end-to-end, AI-driven car, home, building, and standalone item insurance. The company uses artificial intelligence to automate customer processes and experiences so users can buy and manage policies without speaking to a contact-center agent. Its automation model drives cost savings for businesses, which Naked says it passes on to customers through lower premiums. Founded in 2018, Naked is an authorized financial services provider and aims to make insurance more accessible and straightforward through digital experiences. The company plans to expand its team, enter new markets, and further develop its AI capabilities to grow across Africa. The funding announced in the articles is positioned to support those growth and product-improvement efforts. Naked is a digital insurance platform founded in 2018 that offers online insurance for cars, homes, contents and standalone items. The company uses artificial intelligence to streamline processes and customer experiences. Customers can get a final quote in under 90 seconds and can switch or pause cover online, including pausing car premiums when not driving. Naked built its platform from the ground up to add features tailored to its customer base and to reduce reliance on human intervention. The company aims to expand its team, continue investing in customer-facing technology, serve a growing portion of the South African market, and enter international markets. Naked positions itself to capture more of a market where online automation can significantly lower claims costs and where millennial preferences are shifting toward digital insurance channels. Naked offers an artificial intelligence-driven car insurance product that launched its first offering in April after about 18 months of development. The company uses a model that takes a fixed portion of premiums to run the business and places the balance into a claims pool. At year-end, leftover funds in the claims pool are donated to charities nominated by customers, rather than being counted as company profit. Naked says customer acquisition and retention rates have exceeded expectations during a strong first six months of trading. The startup currently has 14 staff and plans to expand headcount to about 20, hiring additional data science roles and ramping up customer acquisition. It also intends to expand into new short-term insurance product categories. Naked is a South African insurtech startup that says it will remake the insurance business model to give customers a faster, fairer and more flexible insurance experience. The company places absolute customer empowerment and control at the centre of its offering and says it will retain only coverage from the existing insurance model while rebuilding everything else. Naked is led by actuaries Alex Thomson and Sumarié Greybe, who previously served as partners in EY’s insurance advisory business. The startup is set to enter the market in the first quarter of 2018. Hollard appointed outgoing Hollard group CEO Nic Kohler to Naked’s board. Hollard and private investment group Yellowwoods have invested R20‑million in the business.