Online car insurance comparison platform Compare.com has bagged $35m in its latest round of funding.
The company raised this new equity line to bolster its expansion and brand development. Capital will also be used to educate customers on benefits of car insurance comparison, build brand awareness and expand the number or insurers on the platform.
Investors to the round include Admiral Group CEO, Henry Engelhardt and his wife, who have deployed $25m into the round. Admiral Group, which is a founding investor in Compare.com, has provided a $10m convertible loan instrument in the company.
As part of the deal, Henry Engelhardt has joined the company’s board of directors.
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.”
Virginia-based Compare.com is an online car insurance comparison platform for US consumers in 49 states. The platform is partnered with more than 60 auto insurers to help consumers find the best protection.
Founded in 2013, the company lets consumers fill out a single form and receive multiple quotes from insurers across the market. The company has raised a total of $185m in funding, to date.
Last month, online lending marketplace LendingTree acquire digital insurance comparison platform QuoteWizard.com, in a $370.2m deal.
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