CompariSure, a SA chatbot provider, raises $980k to support growth

South African startup CompariSure raised ZAR15million (US$980,000), in pre-Series B funding to expand its use of its chatbot technology.

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CompariSure was founded in 2017 by Jonathan Elcock, Matt Kloos and allows users to engage with companies at an infinite scale through conversational commerce. This platform is powered by machine learning and data science.

It distributes financial products through its chatbot-driven marketplace. The startup uses its own chatbot technology, which leverages platforms such as Moya, Facebook Messenger and WhatsApp. It has spoken to more than six million South Africans since 2017, processed over 120 million messages and sold over 500,00 policies via chat.

CompariSure just raised a ZAR15million pre-Series B round, led by HAVAIC, and featuring 4Di Capital. The latter was also an investor for CompariSure in 2019. This funding will be used for the expansion of the startup’s footprint in South Africa. The company is also exploring other sectors to grow its chatbot technology, which goes beyond financial services.

CompariSure already offers services for call center automation, sales force management, market research and has recently launched a job creation initiative in Strand, Khayelitsha and Hammanskraal. It also launched a skills development initiative in Tembisa. This allows anyone with a smartphone to drive traffic and earn referral commissions to its chatbot marketplace.

“This investment round marks an important milestone and will enable us to continue changing the way South Africans communicate online. We are thrilled to welcome the HAVAIC team as a shareholder. Kloos stated that we are grateful for the continued support of our early backers 4Di Capital. Their follow-on investment signals a strong and reaffirmed belief about what CompariSure is building.”

Kiara SuttnerTromp, principal of HAVAIC, stated that her firm was thrilled to have led the round.

She said, “Headed up and supported by a strong group of founders, with an offering that not only achieves significantly higher conversion rates, but also more than half the cost of acquisition. Their offering is a key add-value to companies selling products.”

“Furthermore with CompariSure already showing strong traction in local insurance markets and with significant growth opportunities both vertically as horizontally, we are excited about what the future holds and to be part of their journey.”

4Di Capital partner Anton van Vlaanderen said CompariSure had experienced excellent growth since its initial investment. This made it easy to make the follow-on investment decision.

CompariSure’s technology has improved significantly in recent years. We are also impressed by the company’s ability to continue to attract top talent, especially to senior leadership positions. He said that 4Di is committed to supporting local entrepreneurs who create new solutions that are relevant to the global marketplace. CompariSure has the vision and technology to do just that.

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