Compareit4me.com nabs $2.4m investment
The sum more than doubled the $1m target set by the financial comparison website.
Financial comparison website compareit4me.com, has announced that it has been awarded a total of $2.4m in investments in the latest instance of bridge funding.
Surpassing the initial target goal of $1m, the company has raised roughly $6m total to date. The new funds are expected to further develop compareit4me's recently launched insurance business in the UAE.
It is also expected to help support further expansion across the Middle East and North Africa (MENA) region. Over half of the $2.4m won was invested from Wamda Capital, STC Ventures and Dubai Silicon Oasis Authority. Last year, the existing investors put forward $3m into the company's Series A funding.
Commenting on the investment, 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."
Angus Paterson, partner at STC Ventures, also added: "We're very excited to back compareit4me again in its ongoing expansion, given the business' impressive growth trajectory and, in particular, the huge transactional potential offered by its recently launched insurance platform."
Following its successful growth over the last year, new strategic investors have taken an interest with Compareit4me. These include Saned, an independently managed venture capital fund that nurtures early-stage companies in the MENA region, as well as Mulverhill Associates, an investment organisation that originally backed comparite4me as an angel investor.
Jon Richards, CEO at compareit4me.com, shared: "We have added some amazing investors who have built some of the largest e-commerce and digital businesses in the world. 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."
He added: "Given the business is transactional, it creates the same opportunities and challenges as other e-commerce sites. These are very exciting times for the business. H1 2016 saw revenues grow approximately 2.5 times, and since our insurance business launched in March, we have already sold close to $2 million in policies - and it's growing at 80% per month."