Sanari Capital (“Sanari”) announces that it has concluded its investment in Sensor Networks, a South African founded Internet of Things (IoT) company. Sanari Capital, a South African private equity investment company that specialises in founder-run, owner-managed and family-owned businesses with a high growth agenda, led the 13 million ZAR (1.2 million USD) Series B round and are joined by the ASISA ESD Fund, and Series A investors 4Di Capital.
Entrepreneur Mark Allewell founded Sensor Networks in Cape Town in 2015. Through the use of low-cost smart sensors and a proprietary IoT platform, Sensor Networks enables insurance companies to gather relevant, real-time data in order to provide effective predictive analytics. In doing so, insurance companies are able better manage their risk whilst creating finer customer segmentation profiles.
Already established in its market, Sensor Networks is at the onset of a significant ramp-up phase, with a particular focus in the household insurance space. Sanari’s investment will enable Sensor Networks to continue its expansion and develop new products.
“Sensor Networks, which provides proven, direct cost-saving and convenience benefits to both insurers and their clients, is a highly attractive investment for Sanari. We are delighted to partner with such an experienced and accomplished founder-management team,” says Sanari CEO Samantha Pokroy.
“As Sensor Networks moves into its next growth phase, we expect the company will realise substantial benefits from our “3S” approach focused on sustainability, scalability and saleability. The market opportunity for Sensor Network’s existing products is already substantial, and we see the company further leveraging its platform across new use cases and accessing new markets through existing clients,” Pokroy adds.
Mark Allewell, CEO of Sensor Networks says: “Our goal is to be the pre-eminent African IoT insurance platform. Having Sanari, the ASISA ESD Fund and 4Di on board at this stage gives us access to valuable insurance insights, business experience and networks. The Sanari team’s experience with growth companies, both locally and internationally, was an important factor as Sensor Networks embarks on our next growth phase.”
Greg Macfarlane, investment head at Edge Growth, which manages the ASISA ESD Fund says: “The Internet of Things is an important puzzle to solve and an exciting growth opportunity for the insurance industry to harness. Service providers that are able to integrate smart sensors into their product offerings will significantly reduce their risk while fostering innovation and creating access to rich sources of data”.
For more about Sanari Capital visit our website www.sanari.co.za