RICHMOND, Va.--(BUSINESS WIRE)--Compare.com, the leading online car insurance comparison site, announced today that it has raised $35 Million to help fuel its expansion and brand development. Compare.com partners with over 60 top U.S. auto insurance companies to help drivers find accurate prices for the policy that best fits their needs. Founded in 2013, the company has raised a total of $185 Million to date making it one of the largest investments in the rapidly growing Insuretech category.
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.
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.”
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.
Compare.com is a limited liability corporation headquartered in Richmond, VA, majority owned by the Admiral Group, LLC, the UK’s second largest auto insurer and a member of the FTSE 100. Currently offering car insurance comparison services for US consumers in 49 states, Compare.com allows consumers to fill out a single form and get multiple accurate quotes from trusted auto insurers. Through simple side-by-side comparison, Compare.com makes finding the best available rates on car insurance easy.