Cape Town-based insurtech company Click2Sure has raised a multi-million rand investment from US-based VC firm SixThirty to help it further develop its product.
Launched in 2017, Click2Sure is a full stack digital insurance platform which enables retailers, service providers, distributors and brokers to bolt on a selection of over 20 custom-developed insurance products at the point of sale.
The startup, which last raised funding in 2018, has now become the first African investment made by SixThirty, which invests in early-stage enterprise technology companies building insurTech, fintech and cybersecurity solutions.
The funding, which is undisclosed but worth millions of South African rand, will enable Click2Sure to further develop its product and ensure businesses offering insurance take advantage of the benefits of digitisation.
“Another reason we are thrilled to have SixThirty on board is their Go-To-Market Summer programme, where we were introduced to key individuals, executives and other founders well placed in the US market within blue chip companies, to help us get a foot in the door, and mentor us on what the US market and stakeholders expect to see from a startup and technology partner,” said Click2Sure co-founder Daniel Guasco.
SixThirty’s investment in Click2Sure was motivated by a recognition of the surprisingly low penetration of digital distribution in the insurance industry. Along with the forced digitalisation ushered in by COVID-19, SixThirty found Click2Sure’s exclusive focus as an enabler of digital distribution a key differentiator that can help it scale into new sectors and markets.
“Click2Sure doesn’t sell insurance. We provide our clients who sell insurance with a comprehensive cloud-based, digital platform for the distribution, management and purchasing of insurance at the point of sale,” said Guasco.