China-based financial services comparison service CompareAsiaGroup has secured $40m in series A funding from backers including Jardine Pacific, a subsidiary of diversified conglomerate Jardine Matheson, Tech in Asia reported today.
The round was led by Goldman Sachs and also featured venture capital firms Route 66 Ventures and Nova Founders Capital, private equity firm Ace & Company, and angel investors Mark Pincus and Owen Van Natta.
Founded in 2013, Hong Kong-headquartered CompareAsia operates a price comparison site for services including banking and insurance, and broadband and mobile plans that spans eight countries in Southeast Asia. It charges a partner organisation if a customer signs up for their service from its site.
CompareAsia will use the cash to expand into additional categories such as investment products and life insurance, and to upgrade its technology and marketing, increasing its share in the markets in which it operates before launching in new markets.
Gerald Eder, the company’s managing director, told TechCrunch: “Right now we are staying fully focused on the markets we are active in, but there are a lot of opportunities across Asia and the funding will allow us to use our flexible IT infrastructure to go into new markets in the future.”
The round increased CompareAsia’s overall equity capital to about $45m, according to TechCrunch. The earlier funding was provided by Nova Founders, which co-founded the startup.