ComparaOnline Raises $11 Million in Series B Funding
Investment Led by Ribbit Capital Will Strengthen Presence in Brazil and
Colombia and Accelerate Product Roadmap
SANTIAGO, Chile, Sept. 4, 2013
SANTIAGO, Chile, Sept. 4, 2013 /PRNewswire/ -- ComparaOnline.com
("ComparaOnline"), the leading insurance and financial services marketplace
website in Latin America, today announced it has raised $11 million in Series
B financing. Ribbit Capital, a venture capital firm focused on the financial
services industry, led the investment, with participation from Endeavor
Catalyst, Rise Capital and Series A-backer Kaszek Ventures.
This investment brings ComparaOnline's total funding to $16 million, the
largest amount by any online insurance and financial services company in Latin
America. The rapidly-growing, 200-employee company intends to use the new
capital to strengthen its presence in Brazil and Colombia through new talent
acquisition and the development of new products and services.
Launched in Chile in 2009 by entrepreneur Sebastian Valin, ComparaOnline
enables consumers to find and compare insurance and financial products simply
and quickly, while helping insurance companies and banks expand their
distribution and lower customer acquisitions costs. The site offers users the
ability to find and compare products, including auto insurance, travel
insurance, consortium finance and credit cards.
"This new funding will enable us to build on our current momentum in
fast-growing markets in the region, particularly in Brazil and Colombia. As
the leading insurance and financial comparison platform in Latin America, we
are able to attract the highest level of talent to create new and innovative
experiences for our customers," said Sebastian Valin, Founder and CEO of
ComparaOnline. "We are thrilled to welcome our new investment partners, as
well as existing investor Kaszek Ventures, and look forward to leveraging
their decades of industry knowledge and expertise to turbocharge
ComparaOnline's growth across Latin America."
Having established itself as the top online insurance brokerage in Chile in
2011, ComparaOnline expanded to Brazil and Colombia in 2012, forming
partnerships with several of the largest insurance companies and banks in both
countries, including Banco Bradesco, Liberty Seguros Brasil, Zurich Insurance
Group, AIG, MAPFRE Insurance, HDI-Gerling and RSA Insurance Group. In early
2013, ComparaOnline entered into a strategic alliance with Buscape Company,
Brazil's E-Commerce leader, under which it acquired Buscape's financial and
insurance comparison brand, CortaContas.com.br. Today, ComparaOnline
continues to benefit from Buscape's deep understanding of the Brazilian
market, and has become the single largest online distributor of insurance and
other financial products in Latin America.
"ComparaOnline is transforming the way insurance and financial services are
offered to Latin American consumers," said Micky Malka, founder and General
Partner of Ribbit Capital. "I have enormous confidence that Sebastian and his
talented team will establish ComparaOnline as the preeminent online
marketplace for financial services in Latin America. We look forward to
helping the team leverage its best-in-class technology to drive innovative
customer experiences while building a leading brand and capitalizing on the
significant market opportunities in the region."
ComparaOnline.com enables consumers to find and compare insurance and
financial products quickly and simply. Founded by entrepreneur Sebastian
Valin in 2009, the site aims to help its users make thoughtful and
well-informed decisions through its easy-to-use search and comparison
engines. The site also enables insurance companies and banks to expand their
distribution channels and lower customer acquisitions costs. ComparaOnline
provides access to a wide range of products, including auto insurance, travel
insurance, consortium finance and credit cards.
About Ribbit Capital
Ribbit Capital is a venture capital firm that invests globally in unique
individuals and brands who are aiming to disrupt financial services.
Headquartered in Palo Alto, Ribbit believes the category is profoundly
under-innovated and is looking to support entrepreneurs who have already
launched the businesses of the future. For more information, please visit
About Endeavor Catalyst
Endeavor Catalyst is a passive co-investment vehicle that allows Endeavor
Global (www.endeavor.org) to co-invest in Endeavor Entrepreneurs in a neutral,
unbiased way and to generate returns which support Endeavor's growth and
operations. To date, Endeavor Catalyst has invested in eight funding rounds
of Endeavor Entrepreneurs.
Endeavor Global, a US-based nonprofit organization, catalyzes economic growth
by selecting, mentoring and accelerating high-impact entrepreneurs around the
world. Today, Endeavor's 818 entrepreneurs lead 510 companies that generated
over $6 billion in revenues in 2012 and have created over 225,000 jobs.
About Rise Capital
Rise Capital is a global investment firm that focuses on making
expansion-stage investments in Internet businesses in Emerging Markets. We
back industry-leading businesses run by world-class entrepreneurs who attack
large addressable market opportunities. Leveraging our experience as Emerging
Market Internet operators and investors, we strategically guide these
businesses to scale.
About Kaszek Ventures
Kaszek Ventures is the leading Latin American venture capital firm investing
in high-impact tech entrepreneurs. Led by Nicolas Szekasy, MercadoLibre's
former CFO, and Hernan Kazah, MercadoLibre's co-founder, the firm actively
supports its 22 portfolio companies through value-added strategic guidance and
hands-on operational help.
For ComparaOnline.com For Ribbit Capital
Sebastian Valin, Founder & CEO Jenny Gore
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