South African startup CompariSure has raised ZAR15 million (US$980,000) in pre-Series A funding round to help it expand the usage of its chatbot technology.
Founded in 2017 by Jonathan Elcock and Matt Kloos, CompariSure has built a conversational commerce platform that allows companies to have personalised engagements with users at infinite scale, driven by machine learning and data science.
The startup distributes financial services products via its chatbot-driven marketplace, using its proprietary chatbot technology that leverages platforms like Moya, Facebook Messenger, and WhatsApp. Since 2017, it has chatted to over six million South Africans, processed more than 120 million messages, and sold over 50,000 policies via chat.
To drive further growth, CompariSure has just raised a ZAR15 million pre-Series A round led by HAVAÍC and featuring 4Di Capital, the latter of which was also an investor in CompariSure in 2019 and 2020. The funding will be used to drive the expansion of the startup’s footprint in the South African market, with the company exploring growth in sectors beyond financial services for its proprietary chatbot technology.
CompariSure has already launched services to assist in call centre automation, sales force management and market research, and recently launched a job creation and skills development initiative in Strand, Khayelitsha, Hammanskraal, Daveyton and Tembisa, allowing any individual 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.
Kiara Suttner-Tromp, principal at HAVAÍC, said her firm was excited to have 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.”
Anton van Vlaanderen, partner at 4Di Capital, said CompariSure had shown excellent growth since his firm’s initial investment, 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. 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.