This archive report was first published on 28 October 2019.
On October 17, 2019, Yale University hosted the finals pitch event of the VentureClash Global Challenge, a $5 million investment competition for early-stage companies in digital health, fintech, insurtech, and industry 4.0.
Pineapple, a South Africa-based peer-to-peer insurance provider, emerged as the top winner, securing an investment of $1.5 million from Connecticut Innovations (CI).
Founded by Pineapple, the startup allows individuals to insure their possessions by snapping a picture and uploading it to the mobile application.
Previously, Pineapple had won the $25,000 VentureClash Innovation Prize provided by Travelers, awarded to companies developing solutions and pursuing market opportunities in insurtech.
Among the 10 companies that participated in the finals, eight were awarded investments, with Pineapple being the only startup from Africa to take part in the competition.
Other investment award winners included Atidot ($750,000), Cinchy ($500,000), Covr Financial Technologies ($500,000), Curatio ($250,000), DEEP ($250,000), EyeControl ($750,000), and MothersChoice ($500,000).
As part of the investment award, the winning companies are required to establish a presence in Connecticut and are eligible for an investment from Connecticut Innovations, pending due diligence and approvals.
“Each year, the number of impressive and promising innovative young companies participating in VentureClash grows, and this year’s competition was no exception,” said Matt McCooe, CEO of CI. “We congratulate the winning companies, which, by engaging in the VentureClash process, have come to learn about the resources and opportunities available to them to grow and scale their businesses in Connecticut. We look forward to continuing to support these companies.”
