CompariSure, South Africa’s chatbox provider wants to continue transforming the way its citizens interact online.
The Insurtech startup, which recently secured an investment of ZAR15 million (US$980,000) in pre-Series A funding round, has developed an interactive commerce platform that enables businesses to communicate with people in a personalised way at an infinite scale.
Through its platform, CompariSure distributes financial services products. The chatbot-driven marketplace is powered by machine learning and data analytics and it integrates with popular messaging systems such as Moya, Facebook Messenger, and WhatsApp.
HAVAC and 4Di Capital, who were both investors in CompariSure in 2019 and 2020, have joined forces to raise ZAR15 million to fuel the company’s growth going forward.
Jonathan Elcock and Matt Kloos, founders of the South African-based startup want to accelerate the expansion of the startup’s footprint in the South African market, hence the need to secure capital. The company is looking to expand its patented chatbot technology’s application beyond the financial services sector in the near future.
Like Co-founder, Matt Kloos explained in a statement, “This funding round is a significant one for us. We are thrilled to welcome the HAVAC team as a shareholder and board member, as they bring a wealth of knowledge and experience to the table. We also want to express our gratitude to 4Di Capital, one of our initial investors, for their continued investment in CompariSure, which shows that they have faith in the company’s future prospects.”
CompariSure claims millions of South Africans have chatted with the company since 2017, and it has processed more than 120 million messages and sold more than 50,000 insurance products through its chat interfaces on its website.
Anton van Vlaanderen, a partner at 4Di Capital Investment, boost about the competency of the African startup. “CompariSure had shown excellent growth since his firm’s initial investment, so making the follow-on investment decision was an easy one,” he said.
4Di Capital investment had earlier participated in an undisclosed deal in May 2020. UW Ventures was also part in assisting CompariSure in reaching overseas markets as part of its expansion plans.
