South Africa's Santam buys home services marketplace Kandua
TLDR
- Santam, South Africa's largest insurer, acquires Kandua, an online marketplace for home services in Johannesburg.
- Kandua, founded in 2014, connects customers with 40,000 vetted home service companies, facilitating home repairs and renovations.
- Post-acquisition, Kandua will merge with Santam's Home+ to create an independent subsidiary within the insurer.
Santam, South Africa's largest short-term insurer, has acquired the Johannesburg-based online marketplace for home services, Kandua, in its entirety. Founded in 2014, Kandua connects customers seeking home services and over 40,000 vetted home service companies.
The startup, which raised a significant pre-Series A funding round in July 2021, offers a platform for individuals requiring home repairs or renovations to find background-checked professionals.
Following the acquisition, Kandua will merge with Santam's existing home service offering, Home+, to establish a wholly-owned, independent subsidiary under the JSE-listed insurer.
Key Takeaways
Santam's acquisition of Kandua marks a significant development in South Africa's vibrant startup landscape, renowned for its high number of exits on the continent. The deal underscores the growing interest of established industry players in leveraging innovative startups to enhance their service offerings. By merging Kandua with its existing home service offering, Santam aims to strengthen its position in the market and cater to evolving customer needs. This acquisition not only provides Kandua with access to greater resources and expertise but also validates the potential of South African startups to disrupt traditional industries and attract significant investment.
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