Cape Town-based fintech company, CompariSure, says it has secured venture capital (VC) funding from UW Ventures, in partnership with Allan Gray.
It follows an initial investment deal concluded in August 2019 with 4Di Capital, an early-stage tech VC firm.
“At the time the original deal was concluded, 4Di was eager for us to find another institutional investor to diversify the shareholder base, and we are delighted to now have UW Ventures and Allan Gray on board,” said Matt Kloos, CompariSure co-founder and chief financial officer.
“In combining 4Di’s deep understanding of insuretech with Allan Gray’s extensive financial services expertise and UW Ventures’ strategic and business support, we feel our investor base could neither be stronger nor more experienced,” said Kloos.
CompariSure was founded in 2017 by chief executive Jonathan Elcock, along with Kloos. The company distributes financial services products via its proprietary chatbot technology that leverages platforms like Facebook Messenger and WhatsApp.
The company has recently also begun to license out its chatbot technology to insurance providers looking to enhance their own digital capabilities.
Elcock said that having partnered with insurance providers, including Sanlam, Old Mutual, and Momentum Metropolitan, CompariSure is “disruption proofing” insurers.
“We conclude over 70% of our sales without human engagement, at all hours of the day and night, and have seen record volumes through the challenging and unprecedented Covid-19 pandemic.
“This growth capital funding has given us significant runway and will allow us to explore new strategic initiatives, such as new product and industry use-cases for our chatbot, as well as opportunities outside of SA,” he said.
UW Ventures said it intends to support CompariSure with its scaling ambitions, including into international markets.