Compare88 owns and operates CekAja in Indonesia and eCompareMo in the Philippines. The Cekaja brand is highly popular in Indonesia, being a major finance and insurance portal for consumers. It consolidates a platform on which customers can compare, contrast and apply for different insurance policies.
Both companies did not disclose the deal details.
The capital from this series A will go towards team expansion, technical development and expand the business in Southeast Asia. Along with this injection of capital, Monk’s Hill Venture’s managing director Peng T Ong and Stefan Jung will join the Compare88 board of directors, overseeing governance of the firm.
Ong stated that “Compare88 has grown quickly into the regional leader in this space. And, we look forward to working with the team to building a true regional powerhouse in the coming years.”
This latest round of funding follows on the heels of its investment in Singaporean logistics startup Ninja Van, which secured $2.5 million in a series A round led by Monk’s Hill and Insas Berhad of Malaysia.