Admiral Group founder backs US insurtech Compare.com as it raises $35m
US-based insurtech Compare.com, an online car insurance comparison platform, has raised $35 million to help fuel its expansion and brand development.
The investment was led by former Admiral Group CEO, Henry Engelhardt and his wife. They have invested $25 million and Engelhardt will also take a seat at the company's board of directors.
Separately, Admiral Group, a founding investor, has provided Compare.com with a $10 million convertible loan instrument.
Founded in 2013, the company has raised a total of $185 million to date.
Andrew Rose, CEO of Compare.com, said: “We are delighted to secure this investment and we look forward to working closely with Henry, who has deep knowledge of Compare.com and the U.S. market.”
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