SA Insurtech CompariSure gets Investment from Umkhathi Wethu Ventures

• CompariSure, an insurrection startup based in Cape Town, today announced that it has secured venture capital (VC) funding from SA Umkhathi Wethu Ventures in partnership with Allan Gray.
• The startup distributes financial services products through its patented chatbot technology that leverages platforms such as Facebook Messenger and WhatsApp.
• The startup estimates that over 250 000 South Africans from all walks of life have communicated with its platform online.

CompariSure, an insurrection startup based in Cape Town, today announced that it has secured venture capital (VC) funding from SA Umkhathi Wethu Ventures in partnership with Allan Gray.

The deal stems from CompariSure’s first external investment deal with SA VC company 4Di Capital in August of last year, which was not announced to the media at the time. Cofounder Matthew Kloos subsequently followed him.

CompariSure was founded in 2017 by Jonathan Elcock, a former manager of insurance company MiWay.

The startup distributes financial services products through its patented chatbot technology that leverages platforms such as Facebook Messenger and WhatsApp.

In a statement today, Kloos clarified that 4Di Capital was eager for insurrection when the original deal was concluded in August of last year.

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“In combining 4Di’s deep understanding of insurtech with Allan Gray’s extensive financial services expertise and Ventures’ strategic and business support, we feel our investor base could neither be stronger nor more experienced,” said Kloos.

CompariSure said it had recently started licensing its chatbot technology to insurance companies looking to develop their own digital capabilities.

The company collaborated with some of the biggest insurance firms in South Africa, including Sanlam, Old Mutual, and Momentum Metropolitan likes.

In the same interview, Elcock said that over 70 per cent of the startup ‘s sales are completed at all hours of the day and night without any human effort.

Without disclosing the numbers, he said that the startup has seen “record volumes” through the daunting and unparalleled Covid-19 pandemic.

However, the startup estimates that over 250 000 South Africans from all walks of life have communicated with its platform online.

“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,” added Elcock.

UW Ventures will help CompariSure with its expanding goals, including foreign markets.

Edgar Loxton, Allan Gray ‘s ceo, and Anton Van Vlaanderen, 4Di Capital investor, will serve on the CompariSure board.