Compareit4me.com Secures $3.5M
Compareit4me.com, the comparison site, has raised $3.5M from its existing investors, including STC Ventures, Wamda Capital, Dubai Silicon Oasis Authority, and Saned Partners, in its latest phase of funding, in May. The majority of the new investment has come from existing investors STC Ventures, managed by Iris Capital, and Wamda Capital, which first backed compareit4me in the company’s Series A in 2015, with both doubling their investment in the business through this latest round of financing. The round also includes further investment from Dubai Silicon Oasis Authority and Saned Partners. To date, compareit4me has raised over $9M in total. The money raised is part of an initial closing ahead of a larger, Series B round of funding to be concluded in the coming months. It will be used to help the company expedite the growth of its fast-growing insurance business in the UAE and wider Middle East. Since launching the UAE’S first online car insurance comparison portal in March 2016, compareit4me’s insurance business has grown to selling $1.5M worth of insurance policies per month, with the company expecting that number to reach $5M per month by the end of 2017. As of April, compareit4me’s year-on-year growth in insurance policy sales reached 600%, making the company, by a considerable margin, the largest insurance aggregator in the UAE and one of the country’s top insurance distributors. And with sales five to seven times greater than those of its nearest competitor, over that same period, compareit4me has seen GMV (the total value of policies sold) growth of over 400%.