Envestors leads £5.3m investment in ComparaFinanza.it
Investment will facilitate growth of UK-based Italian price comparison site
Envestors Ltd, the UK-based angel network owned by Braveheart Investment Group, announced today that it has led a £5.3m round of equity fundraising into Italian price comparison site ComparaFinanza.it.
Comparafinanza, founded in 2010 by Dutch businessman Robin Daina and Guglielmo Carsana, provides a comparison service for insurance and financial products to Italian consumers.
Headquartered in London, the firm was able to take advantage of the relatively underdeveloped Italian market to become the fourth-largest price comparison site in the country in terms of policies sold within one year of trading, and reported revenues of £220,000 in 2012.
The investment marks the third round of funding received by the company, following two earlier rounds that raised £1.4m.
Of the total raised this time, the Envestors network raised £1.34m, with significant investment also coming from several high-profile insurance industry entrepreneurs including Grahame Chilton, non-executive chairman of Aon and former CEO of Benfield Group and Rupert Lowe, chairman of Torus Insurance.
The investment will be used to facilitate further expansion of the business, which recently began comparing and selling personal loans and mortgages and is also expanding into credit cards and bank accounts.
Since the first insurance price comparison site was launched in the UK in 2003, the market has grown strongly, with the four largest services in the UK generating in excess of £579m annually, and Comparafinanza wishes to take advantage of the similar potential offered by the Italian market.
CEO Robin Daina commented: “This funding round really sets us up for the next growth stage. “We have built a strong position in a market that has huge potential. The Envestors team have done a great job conducting this round and are great people to work with.”
Nick Taylor of Envestors added: “Robin and his team have identified a big opportunity and are addressing the market in a purposeful, innovative way.”