The funding will be used to drive the expansion of CompariSure’s footprint in the South African market. The company is exploring growth in sectors beyond financial services having already launched services to assist in call centre automation, sales force management and market research.
Founded in November 2017 by CEO Jonathan Elcock and CFO Matt Kloos, CompariSure connects consumers with premium financial product providers, while using its proprietary chatbot that leverages platforms like Moya, Facebook Messenger, and WhatsApp technology to build the “automated insurance agent” of tomorrow.
For consumers – CompariSure’s Digital Marketplace provides individuals with quick, reliable insurance comparisons from South Africa’s most trusted and established life insurers.
Since launch, it has processed over 120-million messages and sold over 50 000 policies via chat.
“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.
“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.”