Sunday, June 16, 2024
No menu items!
Ad

Top 5 This Week

bama cap

Related Posts

South Africa’s insuretech platform Root appoints Alex Astengo to lead its UK expansion

- Ad-
Share this

Root Platform (Root), South Africa’s low-code, API-first insurance technology platform, has appointed Alex Astengo as UK Country Manager, based in London to lead the firm’s UK expansion.

Alex has worked for SaaS platform-based businesses that provide solutions to insurers, managing general agents (MGAs) and brokers. He recently worked with UK’s Cloud Insurance where he was the Head of Sales. Alex was formerly Chief Commercial Officer for SchemeServe Insurance Software.

- Ad -

According to Louw Hopley, CEO and Founder, Root: “Bringing Alex in is really exciting for us. We waited for the right opportunity to enter the UK market and, now we have, Alex will spearhead our UK capabilities in terms of providing companies with the necessary building blocks to run a modern insurance programme. He brings a wealth of highly relevant market experience to our business and we are delighted to welcome him to the Root team.”

Root launched in the UK in 2023 in partnership with Connect by Admiral after raising $1.5 million from South Africa-based Invenfin. As a UK Country Manager, Alex will be tasked with developing Root’s UK presence to make it the go-to platform for insurance and as well grow its digital insurance offerings. Root entered the UK insurance market in 2023 and announced a strategic partnership with Connect by Admiral, developing an embedded insurance platform to offer third-party clients an insurance solution for its customers at the point of sale. He will now be tasked with pitching Root’s low-code, API-first platform to insurers, retailers, banks and telcos.

- Ad-

“I am delighted to join Root in what is an exciting time for the business as it seeks to expand its presence in the UK. My experience in working with SaaS platform-based businesses has taught me that the insurance industry is poised for – and in need of – change, and Root can play a significant role in bringing about meaningful and positive change for the benefit of companies and their customers,” said Alex Astengo, Country Manager UK.

Root, launched through a partnership with MMI Holdings, has built a trusted partnership with Invenfin since they invested in the business two years ago, and are suitable partners in their growth strategy especially as the company scales up internationally. Root’s API enables third-party developers to easily access digital insurance licenses and insurance and banking-related products for a quick launch.

- Ad -

In November 2021, Root raised $3 million in seed funding from its primary investors Invenfin, Base Capital, Savannah Fund, P1 Ventures, Luno, and FireID, a select group of high-impact angel investors took part to expand into Europe. It’s latest funding round cements its expansion and growth plans.

Founded in 2016, Root offers a low-code platform that powers modern digital insurance products designed for direct, affinity and embedded distribution at scale. In 2021, the company raised its first external funding round to accelerate its expansion plans in the UK and Europe. It’s previous invest rounds weren’t disclosed!

Share this
- Ad -
James Musoba
James Musoba
Studying Africa's startup and technology scene. I always look forward to discovering new exciting inventions and vibrant entrepreneurs.

Popular Articles