SA chatbot provider CompariSure secures $980k funding to promote growth

CompariSure, a South African business, has raised ZAR15 million (US$980,000) in pre-Series A funding to help it extend the use of its chatbot technology.

CompariSure, founded in 2017 by Jonathan Elcock and Matt Kloos, has created a conversational commerce platform that enables businesses to have customized conversations with users at an unlimited scale, powered by machine learning and data analytics.

The business distributes financial services goods through their chatbot-driven marketplace, which leverages platforms such as Moya, Facebook Messenger, and WhatsApp. It has chatted with over six million South Africans, processed over 120 million messages, and sold over 50,000 policies via chat since 2017.

CompariSure has recently secured a ZAR15 million pre-Series A round led by HAVAC and including 4Di Capital, the latter of which was also a 2019 and 2020 investor in CompariSure. The funds will be used to expand the startup’s reach in the South African market, with the company looking to expand beyond financial services with its patented chatbot technology.

CompariSure has already launched services to help with call center automation, sales force management, and market research, and it has recently launched a job creation and skills development initiative in Strand, Khayelitsha, Hammanskraal, Daveyton, and Tembisa, allowing anyone with a smartphone to drive traffic to its chatbot marketplace and earn referral commission.

“This funding round is a significant milestone for us, allowing us to continue transforming the way South Africans engage online.” The HAVAC team brings a plethora of knowledge and experience to the table, and we are thrilled to have them as a stakeholder and board member. “We are also extremely grateful for the continuous support of our initial investors, 4Di Capital, whose follow-on investment reflects a strong, reiterated belief in what we are building at CompariSure,” Kloos added.

Kiara Suttner-Tromp, principal of HAVAC, expressed her firm’s delight in leading 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 firm already displaying good momentum in the local insurance industry and tremendous prospects for vertical and horizontal growth, we are thrilled for what the future holds for CompariSure and to be a part of their journey.”

According to Anton van Vlaanderen, partner at 4Di Capital, CompariSure has showed exceptional growth since his firm’s initial investment, thus the choice to make a follow-on investment was simple.

“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.