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 /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 http://ribbitcap.com/.
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.