Com­pare­ Se­cures $3.5M

Arabnet - The Quarterly - - Industry Stories -

Com­pare­, 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%.

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