Chatbots are here to stay. Whether you’re looking to engage your list, automate processes, or provide excellent customer service at scale, your business could likely benefit from the implementation of this new technology.

Elafris was created to help bring this artificial intelligence to insurance companies. Their chatbot technology helps them increase sales, improve customer satisfaction, boost retention, and reduce cost without adding support staff or additional working hours.

How much is Elafris doing in MRR?

Elafris is a pure-play SaaS product born out of founder Jake Diner’s frustrations with the lack of technology present in insurance companies today. The business charges each insurance agency between $5k and $10k each month based on the size of the institution.

Launched just two years ago with one co-founder, the company currently serves 4 paying customers today and has another 10 in their pipeline. Elafris is doing $20k in MRR right now and has just began selling the product within the last 12 months.

How much has Elafris raised?

Elafris is an entirely bootstrapped company, according to Diner, with the company running on roughly $500k of the founder’s own capital to this point. Going forward, the team is looking to raise a $1.5M seed round right now. Diner noted that the $1.5M in seed capital would extend the company’s runway by 18 months.

With a team of 14 in San Francisco, Ohio, and Ukraine, Elafris is just beginning to hit their stride in terms of customer acquisition. The company spent a majority of its first two years building out a proof of concept and has just recently begun marketing the final product.

Diner mentioned that early pilots have shown a 25% increase in payments from insurance companies that use their technology. This ability to help these businesses better re-engage potential customers and close more deals will be paramount for Elafris as they look to continue growing in the near future.