Consumer credit reporting agency Experian has bought US-based insurance comparison service Gabi in a $320m deal allowing corporates Securian, Northwestern Mutual and Cuna Mutual to exit.
The transaction was revealed in Experian’s financial results for the six months ending September 2021, which stated the corporate closed the acquisition last month.
Gabi provides an online platform that uses artificial intelligence to let customers compare various forms of insurance in areas such as home and automotive cover, helping them choose between a range of providers.
The company raised $27m in a January 2020 funding round featuring financial services firm Securian and insurance providers Northwestern Mutual and Cuna Mutual, through respective corporate venturing units Securian Ventures, Northwestern Mutual Future Ventures and CMFG Ventures.
The Abu Dhabi state-owned Mubadala Capital unit led the 2020 round and was joined by Canvas Ventures, Correlation Ventures, A.Capital, Project A, AngelList, Burst Capital.
Canvas Ventures had previously led a $9.5m series A round for the company in 2018 that also featured Securian Ventures, Northwestern Mutual Future Ventures, Correlation Ventures and existing backers A.Capital Ventures and Project A to bring its overall funding to $12m. SV Angel was also an earlier investor.
