Tech in Africa
CompariSure, a South African insurtech startup based in Cape Town, has secured venture capital funding from Umkhathi Wethu Ventures and Allan Gray.
CompariSure first signed an investment deal with 4Di Capital – which was their first investment deal. This announcement which was sealed in August was not advertised to the public. The details of 4Di Capital investments were also not publicly disclosed.
Jonathan Elcock CompariSure co-founder founded the company in 2017 alongside Matthew Kloos, who previously worked for MiWay as an insurance provider. The startup works deals with financial service products that offer proprietary chatbot technology on platforms such as Whatsapp and Facebook Messenger.
Kloos disclosed the eagerness of 4DI Capital to have additional shareholders join the team so as to diversify the portfolio. This seems to be how Allan Gray and Umkhathi Wethu (UW) Venture joined the team. Kloos disclosed how CompariSure will leverage on 4DI’s “deep understanding of insurtech” and Allan Gray’s “extensive financial services expertise.”
The chatbot invention is currently being licensed out to various insurance providers across South Africa. The new technology strives to enhance their digital capabilities. Among the top insurance providers, CompariSure has worked with are Old Mutual, Momentum Metropolitan, and Sanlam. Over 70 percent of their sales conclude without any human engagement throughout the day and night.
Thus far, the startup estimates over 250,000 South Africans have at one point or another directly interacted with their chatbot. UW Ventures will offer the insurtech startup funds for scaling their venture – including direct access to the international markets.
