Dubai-based financial product comparison site Compareit4me recently secured $3.5 million in funding to bolster its insurance business, which allows consumers to browse through several insurance policies and purchase one that best suits their needs. The money came from existing investors Wamda Capital, STC Ventures, Dubai Silicon Oasis and Saned Partners as part of a $10 million series B round the startup expects to close in the next two months.
“The whole company is buzzing around [insurance] now so we really want to double down on that,” says founder and CEO Jon Richards. Compareit4me took the number 8 spot on Forbes Middle East’s ranking of 50 Most Promising U.A.E. Startups in 2016, and Richards says it sells $1.5 million in insurance policies every month.
A $3 million series A round in 2015 went towards adding insurance comparison tools in the U.A.E., and in September 2016 the company raised $2.4 million in convertible notes to enter the Saudi market.
But Saudi Arabia has been a tougher market to crack. The startup faces strict rules and regulations on selling insurance. “[It’s] the toughest market in the region,” says Richards.