The financial comparison site Compareit4me.com has announced that it has closed a funding round of $2.4 million. The company said that they will be using the money to grow the business across the UAE and aid its expansion plans across the MENA region.
Led by Wamda Capital and STC Ventures, the round also included Dubai Silicon Oasis Authority, Saned, several executives from regional and international ecommerce and financial comparision businesses, as well as original investors in Compareit4me, Mulverhill Associates.
Commenting on the investors, Compareit4me CEO and cofounder Jon Richards said in the statement that “their knowledge and experience will be a huge help as we build out our insurance platform, which has the opportunity to further disrupt the way that insurance is distributed in the MENA region.”
Richards added that in 2016 so far business is growing at 80 percent a month – they have seen revenues grow approximately 2.5 times, and have already sold close to $2 million in policies. This investment comes less than a year after STC Ventures led their Series A funding of $3 million.
Khaled Talhouni, managing partner at Wamda Capital, said: “We remain impressed with the performance of Compareit4me, and the business’ ability to grow in the UAE and across the region. This follow-on investment is a testament to our belief in the founders and the future potential of the company.”
Founded in 2011 by old coworkers Richards and Samer Chehab, their users are now able to compare 10 insurers and over 25 financial and banking products from across the region. And the demand will grow. In 2015 management consultants Oliver Wyman said that 25 percent of insurance sales transactions, in the US alone, were taking place online.
Compareit4me also said that they had initially intended to raise $1 million. To date they have raised nearly $6 million.