Categories
Small Business Funding

Local insurtech Naked secures R700 million in latest funding round [Video]

  • Naked insurance has announced a successful Series B2 funding round where $38 million was raised.
  • The round was driven by BlueOrchard, and existing backers Hollard, Yellowwoods, IFC, and DEG.
  • The insurtech says it will use the funding to enhance “its investment in automation and AI”.

South African insurtech company Naked is aiming to kick off the new year with sizeable funding behind it. This as it announced a successful Series B2 round where $38 million (~R700 million) was raised.

This follows last year’s R290 million in funding it raised in February, with the company outlining significant plans to invest in its technology suite, as well as expand in terms of its market share and reach.

“The Series B2 funding round was joined by global impact investor BlueOrchard, and also saw increased support from existing backers Hollard, Yellowwoods, International Finance Corporation (IFC), and Germany’s development finance institution (DEG),” Naked detailed in a release to Hypertext.

Alex Thomson, co-founder …

Watch/Read More
Categories
Small Business Funding

Second Harvest leadership claim funding sought by Archdiocese [Video]

Members of Second Harvest Food Bank's board of directors as well as its longtime president and CEO have been terminated amid pressure to help resolve sexual abuse bankruptcy claims, according to a news release issued by a public relations firm. According to the news release, the Archdiocese of New Orleans terminated the non-profits Board and CEO Natalie Jayroe after she refused to reallocate donor funding meant to address food insecurity in south Louisiana. The news release claims that the board and Jayroe were under "increasingly aggressive pressure" to contribute as much as $16 million in funding towards the church's sexual abuse-related bankruptcy. From the very beginning of our conversations with the Archdiocese and its representatives, which extend as far back as months ago we have stressed the indisputable fact that our agreements with grant giving organizations and other partners prohibit any expenditures that are non-secular or do not directly align with our sole mission of feeding the hungry. That the Archbishop has chosen to ignore these realities and jeopardize Second Harvests ability to fulfill its mission and honor its contracts is both shocking and short sighted," said Bert Wilson, recently replaced Chair of Second Harvest Board Chair, in an issued statement. According to Wilson, Second Harvest's contract with Feeding America prohibits outside expenditures. Wilson also says the Association of Fundraising Professionals Donor Bill of Rights requires all donors be assured their gifts are used for the purpose of which they were given. The news release claims that the Archdiocese is "intentionally misinterpreting" its relationship with the nonprofit to access Second Harvest funds. The fact that the Archbishop is our corporate member does not in any way legally equate Second Harvest with other apostolates. Uniquely, our mission is 100% secular and is in no way tied to the operations or policies of the church. Wilson said in an issued statement. Jayroe led Second Harvest for 19 years, according to the news release. Wilson said in an issued statement that they are sympathetic to sexual abuse victims, but will not do anything inappropriate morally or legally for the church's financial obligations. While Second Harvest of South Louisiana Board members have tremendous sympathy for those who were harmed by actions of Archdiocese employees and others, putting the churchs financial obligations on the shoulders of the elderly and others who are challenged daily by a absence of healthy food is as morally inappropriate as it is legally unsubstantiated. Second Harvest cannot and will not be a party to any such effort," Wilson said. John Sillars with Second Harvest spoke with WDSU Investigate Reporter Aubry Killion following the terminations. He says the nonprofit's focus is feeding children and families, and that a search has begun for a new CEO. Sillars said Dirk Wild will serve as interim CEO until the role is filled. Sillars full interview can be heard here: Second Harvest issued the following statement regarding the search for a new CEO: "Today it was announced to the board and staff of Second Harvest Food Bank of Greater New Orleans and Acadiana that Mr. Dirk J. Wild has been named interim CEO of the organization. He succeeds Natalie Jayroe who is no longer with Second Harvest after serving as the leader of the organization for the past 19 years."All involved with Second Harvest extended gratitude and best wishes to Natalie for her many years of service to the important mission of Second Harvest Food Bank. "A national search has begun and will be managed by a recruitment agency to ensure that the best possible candidates to lead Second Harvest into the future are found. This leadership change means that the agency will be bringing in a new leader with refreshed vision to build on a strong foundation and to strengthen the spiritual dimension of Second Harvest as it continues its mission of leading the fight against hunger and building food security in South Louisiana by providing food access, advocacy, education and disaster response."Second Harvest wants to assure the community that this transition in leadership will cause no interruptions or changes to day-to-day operations, programs, and services. Second Harvest has a strong leadership team and resilient staff. The board of directors will continue its work to guide the organization, and its relationship with Feeding America remains strong and an incredible resource to our local food banks in providing food to those in need in the communities served by Second Harvest."Second Harvest Food Bank issued the following statement regarding the removal of certain members of the board: First and foremost, it is important that we thank the members of the executive committee for their dedicated work as members of the board of directors. However, recent developments have raised a concern about the level of communication between the committee and the corporate member and the spiritual dimension of the organization. As a result, it was determined to be in the best interest of all parties that certain directors be relieved of their responsibilities and that a group of directors be given an opportunity to continue to advance the mission of the organization.WDSU reached out to the Archdiocese of New Orleans for a statement regarding the allegations. At the time of this publication, a response specific to the allegations had not been received. WDSU also reached out to Jayroe, who said she could not speak on the matter.