To promote growth $980k funding received by SA chatbot provider CompariSure
CompariSure, a South African business, has received a pre-Series A investment round of ZAR15 million (US $980,000) to help it extend the use of its chatbot technology.
CompariSure, founded in 2017 by Jonathan Elcock and Matt Kloos, is a conversational commerce platform that uses machine learning and data science to enable businesses to have customised interactions with consumers at an unlimited scale.
The firm uses its unique chatbot technology to sell financial services goods through its chatbot-driven marketplace, which uses platforms including Moya, Facebook Messenger, and WhatsApp. It has contacted over six million South Africans, processed over 120 million messages, and sold over 50,000 insurances via chat since 2017.
CompariSure has just secured a ZAR15 million pre-Series A investment headed by HAVAC and included 4Di Capital, the latter of which was also a CompariSure investor in 2019 and 2020. The funds will be used to expand the startup’s reach in the South African market, with the business looking to expand its patented chatbot technology into areas other than financial services.
CompariSure has already launched services to help with call centre automation, sales force management, and market research, as well as a job creation and skills development initiative in Strand, Khayelitsha, Hammanskraal, Daveyton, and Tembisa, which allows anyone with a smartphone to drive traffic to its chatbot marketplace and earn referral commission.
“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,” Kloos said.
HAVAC principal Kiara Suttner-Tromp expressed her delight at having led the round.
“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,” she said.
“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.”
According to Anton van Vlaanderen, a partner at 4Di Capital, CompariSure has shown tremendous growth since his firm’s original investment, therefore the choice to invest again was simple.
“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. At 4Di we look to back local entrepreneurs building new solutions with global relevance, and in CompariSure we see a team with a vision and technology to achieve just that,” he said.
