MENA’s financial comparison site compareit4me.com has received a total of $2.4 million to help fund its aggressive expansion plans across the Middle East and North Africa (MENA) region.
This takes the total amount that it has raised to date to almost $6 million to build out its fast-growing insurance business in the UAE. With a panel of 10 insurance providers, it is now the largest insurance comparison platform in the region and has led to millions of dirhams in savings for UAE consumers.
“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,” said Jon Richards, CEO at compareit4me.com.
“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.”
More than half of the $2.4 million secured came from existing investors Wamda Capital, STC Ventures and Dubai Silicon Oasis Authority. This comes less than a year after they invested $3 million in the company’s Series A funding. SANED, an independently managed venture capital fund that nurtures early-stage companies in the MENA region, was joined by an influential collection of private investors.
This latest round of funding further reinforces its position as the region’s largest insurance aggregator and leading banking comparison site, with users now able to compare 10 insurers and over 25 products. The firm aims to see an even bigger push into the Saudi Arabian market and expand its products.