US-based automotive insurance comparison platform Compare.com has secured $35m in a round that included a $10m convertible note from insurance firm Admiral Group.
The round was led by a $25m investment from Henry Engelhardt, formerly chief executive of Admiral, and his wife, and Engelhardt will get a seat on Compare’s board in connection with the round.
Founded in 2013, Compare operates an online platform that offers car insurance options from more than 60 partner firms through a mechanism that allows users to compare each quote side by side, once they have entered their driver and vehicle information.
The company said the round increased its overall funding to $185m, and although it has not disclosed details of its earlier financing, Admiral is a founding investor and still retains a majority stake.
The funding will go to brand development and growth, Compare said. It has also expanded into the health, home and small business insurance segments.
