Investments

Dubai-based Compareit4me raises $3.5 million, plans to launch insurance comparison platform in Saudi

Dubai-based Comparison website, Compare4me.com has secured $3.5 million in the latest round of funding; it announced today. The funding comes from existing investors STC Ventures & Wamda Capital; both of which have doubled their investment with this latest round. Rest of the investment in the round is from Dubai Silicon Oasis Authority & Sanad Partner.

With this latest funding, the total money raised by the startup has reached $9 million and this round is said to be an initial closing ahead of larger Series B to be raised later this year.

The startup that was founded in 2011 to help users compare different financial products offered by the bank launched its insurance comparison platform last year to start off with car insurance and added health insurance comparison earlier this year. The platform doesn’t only let individuals and companies compare insurance but buy it as well; online.

Samer Chehab, COO of Compareit4me said: “Progress in the insurance business has been such that we have already outgrown the office we took on last year for our state-of-the-art call centre. As we continue to expand the call centre, we will soon be moving into a much bigger office to accommodate our growing staff of agents.”

Company’s insurance business has been growing at massive pace; with year-on-year growth reaching 600% in last month and it has now become the largest insurance aggregator in UAE by a clear margin and is among the top distributors of insurance as well.

“Our commitment of further funds to compareit4me illustrates our belief in the founders’ ability to scale their insurance business across the UAE and the wider GCC. And with compareit4me soon to enter Saudi Arabia with its insurance comparison platform, we see enormous opportunities for the business.” said Angus Paterson, Partner at Iris Capital, which manages the STC Ventures fund.

 

Zubair Naeem Paracha

Founder at MENAbytes
A tech and startup enthusiast based in Riyadh. Zubair apart from leading MENAbytes is also building Qraar, a career discovery and development platform for millennials in MENA. He can be reached on Linkedin, Twitter or zubair [at] menabytes [dot] com.

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