VU Compare, a vehicle finance and insurance comparison site, has secured GBP70,000 in pre-seed capital to support product development and marketing, ahead of its official launch later this year.
Tim Borthwick, Managing Director of VU Compare, says: “VU Compare is such an exciting proposition and one that myself and the team are exceptionally proud of. It promises to be a real market disrupter, offering a much more comprehensive suite of comparison facilities, compared to its nearest competitors.
“We’re thrilled to have raised such a significant amount of capital in a short period, which will make a huge difference as we ramp up development ahead of the website’s launch. It’s a testament to the product itself and our plans for the business going forward.”
The pre-seed funding has been vital in supporting the initial campaign activity ahead of the launch of the website. Among one of the early investors of VU Compare is Safe Hammad, CTO and Co-founder of human resource consultancy, Arctic Shores, who has made his own private investment in the comparison site.
The website, due to launch later this year, is set to be a one-stop shop, initially covering car leasing, insurance and Electric Vehicle (EV) comparison – to be followed shortly by a car buying marketplace with finance options. It will be the first of its kind to offer this mix of products and also the first to introduce comparison facilities for EV chargers.
With over GBP19.5 billion of consumer finance issued every year in the car market, VU Compare aims to simplify the car buying process and provide customers with the ability to compare a wide variety of finance sources to suit both their vehicle requirements and their personal circumstances.
Borthwick adds: “Following the success of the pre-seed funding, we’re now looking for GBP500 thousand investment for a 10 per cent stake in the business. This will help the continuing growth of VU Compare by supporting our marketing strategy, including elements of PR, affiliate marking, paid social and search/SEO, as well as helping to improve and refine the platform itself. For any serious investor, VU Compare offers a fantastic investment opportunity with genuine returns, coupled with an ever-growing consumer market.”
