{"id":2793,"date":"2017-01-11T23:39:10","date_gmt":"2017-01-11T23:39:10","guid":{"rendered":"https:\/\/www.rsoftsolution.com\/blog\/financial-comparison-site-compareeuropegroup-scores-21m-from-thiel-ace-and-more.html"},"modified":"2017-01-11T23:39:10","modified_gmt":"2017-01-11T23:39:10","slug":"financial-comparison-site-compareeuropegroup-scores-21m-from-thiel-ace-and-more","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/financial-comparison-site-compareeuropegroup-scores-21m-from-thiel-ace-and-more.html","title":{"rendered":"Financial comparison site CompareEuropeGroup scores $21M from Thiel, ACE and more"},"content":{"rendered":"

As consumers have\u00a0shifted to the web\u00a0to order and pay for services like broadband and insurance, price comparison sites have become one of the main ways that they\u00a0search for the best deals to cover what they need. Today, one of the bigger companies in the space in Europe, CompareEuropeGroup<\/a>, announced it has raised \u20ac20 million ($21 million) to expand and move ahead of the pack.<\/p>\n

The investment \u2014 a Series A \u2014 is notable both for its size (large for a European startup) and because of who is providing the money.<\/p>\n

The investment is led by ACE Company (which has backed<\/a> the likes of\u00a0Pinterest, TransferWise, Uber and SpaceX), and also includes Richard Li\u2019s Pacific Century Group, Nova Founders Capital, SBI Holdings (former SoftBank Investments), Mark Pincus (founder of Zynga), Peter Thiel (the PayPal and Palantir founder and star investor) and others.<\/p>\n

Thiel has been a regular and significant investor in the European fintech scene. Other investments include Kreditech<\/a>, TransferWise<\/a> and Number26<\/a>.<\/p>\n

Some of CompareEuropeGroup\u2019s investors\u00a0had already been backers of its\u00a0sister companies covering other verticals and regions, such as CompareAsiaGroup<\/a>, although the companies are run as separate entities, according to Thomas Munk, who co-founded CompareEuropeGroup with Antonio Gagliardi and Mads Faurholt-Jorgensen.<\/p>\n

The premise behind CompareEuropeGroup, which was founded in 2015, is a simple one: The company uses machine learning and other\u00a0algorithms to sort through and search for the best deals for a particular service in real time, based on a few parameters entered by the consumer.<\/p>\n

As a user, you will typically get dozens of suggestions from a range of providers, with a sliding scale of prices covering different things. (For example, one car insurance offer may have a higher deductible, another might include coverage outside of your home country.)<\/p>\n

As new deals are found \u2014 an insurance company, for example, will be creating different products all the time to fit different\u00a0profiles \u2014 those are suggested to users if they\u2019ve opted in to receive them. CompareEuropeGroup gets a\u00a0cut when you actually purchase one of these services\u00a0through its site.<\/p>\n

All in all, it\u2019s a very efficient way of aggregating and comparing\u00a0a range of offers for a service you might need to buy, which also poses a challenge for CompareEuropeGroup: There are literally dozens of platforms across Europe and the U.K. that offer the same or a similar service, including GoCompare, MoneySupermarket, CompareTheMarket, uSwitch.<\/p>\n

Munk said he believes that CompareEuropeGroup is distinctive, and better. \u201cI would argue that CEG is not, simply, a comparison platform,\u201d he said. \u201cIn fact, we help users get a tailored result based on their profile and needs, as well as help them actually buy the product and manage it over time. Hence, the difference is in the approach to the customer needs, and the related data-driven technology that sits behind it. Also, we have a focused strategy of targeting markets with limited financial comparison services, thus making a big difference in these markets.\u201d<\/p>\n

Indeed, the company is currently in five markets in Europe, but does not have a service in the very competitive U.K. market, and has no plans to, Munk\u00a0said.<\/p>\n

Munk would not disclose the valuation of his\u00a0company, or any financial metrics, except to note that the company is \u201cexperiencing significant growth in all its markets.\u201d<\/p>\n

To that end, the funding will be used mainly to \u201claunch new verticals in all the countries, continue to develop our proprietary technology and algorithms, and invest in marketing to further raise awareness and reach more users,\u201d he said.<\/p>\n

It\u2019s a formula that for now has caught the eyes of investors enough to see if CompareEuropeGroup can scale and take the spoils.<\/p>\n

\u201cBoth consumers and partners have welcomed CompareEuropeGroup with open arms,\u201d said Marc Syz, Managing Director at ACE Company, in a statement. \u201cThe insurance, banking and telco markets are a unique opportunity with plenty of room for technological progress. We are excited to be part of this ambitious journey.\u201d<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/NNAWjSKtEnw\/<\/p>","protected":false},"excerpt":{"rendered":"

As consumers have\u00a0shifted to the web\u00a0to order and pay for services like broadband and insurance, price comparison sites have become one of the main ways that they\u00a0search for the best <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-2793","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t