CompariSure, a South African startup, has secured a pre-Series A funding round of ZAR15 million (US$980,000) to help it expand the use of its chatbot technology.
The funds will be used to help CompariSure expand its footprint in the South African market. The company is looking to expand beyond financial services, and has already offered call center automation, sales force management, and market research services.
CompariSure, founded in November 2017 by CEO Jonathan Elcock and CFO Matt, links consumers with premium financial product providers using its own chatbot, which uses platforms such as Moya, Facebook Messenger, and WhatsApp technologies to create the “automated insurance agent” of the future.
For customers – CompariSure’s Digital Marketplace enables users to compare insurance quotes from South Africa’s most reputable and established life insurers in a quick and trustworthy manner.
It has processed over 120 million messages and sold over 50 000 policies via chat since its launch.
“Over 95% of our users are buying a financial product online for the first time in their lives, a true game-changer in terms of giving every South African access to quality financial services products,” comments CompariSure founder and CEO Jonathan Elcock.
Matt Kloos, CompariSure co-founder and CFO, adds: “This investment round is an important milestone for us and will allow us to continue reshaping the way South Africans interact online. The HAVAÍC team brings a wealth of expertise and experience to the table, and we are very excited to have them joining as a shareholder and board member.
“We are also incredibly grateful for the ongoing support from our earliest backers 4Di Capital, whose follow-on investment signals a strong, reaffirmed belief in what we are building at CompariSure.”
Kiara Suttner-Tromp, principal at HAVAÍC, comments: “HAVAÍC is excited to have led the R15m pre-Series A investment round in CompariSure. Headed up by a strong team of founders, with a product that’s not only achieving significantly higher conversion rates but also more than halving the cost of acquisition, their offering is a key value add to companies selling a product.
“Furthermore, with the company already demonstrating strong traction in the local insurance market and with significant opportunities to grow both vertically and horizontally, we are excited for what the future holds for CompariSure and to be a part of their journey.”
Anton van Vlaanderen, partner at 4Di Capital, says: “CompariSure has shown excellent growth since our initial investment in 2019,” comments, “so making the follow-on investment decision was an easy one. Not only has CompariSure’s technology matured significantly over recent years, but the company has impressed us by continuing to attract top talent to its ranks, most crucially in senior leadership positions.
