Dubai: Compareit4me.com, a comparison website for loans, credit cards, and insurance policies, said on Wednesday it has raised $3.5 million from its existing investors including STC Ventures, Wamda Capital, Dubai Silicon Oasis Authority, and Saned Partners.
This latest phase of funding brings the total amount raised by the company to date to $9 million.
In a statement, compareit4me.com said 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 insurance business in the Middle East.
Compareit4me’s insurance business currently sells $1.5 million worth of insurance policies per month, with the company expecting that figure to reach $5 million per month by the end of 2017.
The majority of the new investment came from existing investors STC Ventures and Wamda Capital, with both doubling their investments in the business through this latest round.
“In the UK, well over 50 per cent of policies are bought online, whereas the Middle East figure is a fraction of that. We’ll be working to change that as we launch in new markets, and consumers realise the benefits of comparing and buying policies online,” said Jon Richards, chief executive officer of compareit4me.com.