Compare.com, a top online car insurance comparison website, recently announced they have fun raised $35 million to assist their growth and brand development. Compare currently partners with over 60 US automobile insurance businesses to help customers find better prices for the car insurance policy they need. Started in 2013, the company has fund raised over $185 million which makes it one of the biggest investment in the quickly expanding Insuretech market.
“We are delighted to secure this investment and we look forward to working closely with Henry, who has deep knowledge of Compare.com and the U.S. market.”
Investors for this raise include former Admiral Group CEO, Henry Engelhardt and his wife, whereby they will invest $25 Million into Compare.com. As a result of this investment, Henry will join the Compare.com Board of Directors.
Rose said the new funds will allow Compare.com to continue to educate consumers on the benefits of online car insurance comparison shopping, build brand awareness and users, and expand the roster of top insurers on the Compare.com platform.
Separately, Admiral Group, a founding investor, has provided Compare.com a $10 Million convertible loan instrument. Andrew Rose, CEO of Compare.com, commented, “We are delighted to secure this investment and we look forward to working closely with Henry, who has deep knowledge of Compare.com and the U.S. market.”
Edited by M. Hunt
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