Technology comparison portal: Check24 rival Joonko gives up

19:56  27 october  2020
19:56  27 october  2020 Source:   handelsblatt.com

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The finance portal Joonko ended its business on October 30th after a new round of financing did not materialize. This is a setback for the start-up company Finleap.

Der Marktführer agiert längst in einer anderen Sphäre. © imago images / Future Image The market leader has long been operating in a different sphere.

The ambitions were great. "Many have said we would be stupid to attack Check24," said Joonko boss Carolin Gabor a year ago in Munich. “However, we think the time has come for a new entry on the market.” The start-up wanted to attack the German market leader with a new type of comparison portal. But a year later the dream fell through.

After a new round of financing did not materialize, the company will cease operations on October 30th, as Joonko announced on Tuesday. "We started last year with a great vision and ambition," Gabor now sums up. However, as a young company, the pandemic showed the start-up that more capital was needed.

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Das Aus is also a setback for the Berlin start-up company Finleap, that Joonko launched last year together with the Chinese insurer Ping An.

The world's largest insurer in terms of market value from China is thus involved in both Finleap and the start-up Joonko. Joonko boss Gabor therefore relied on the technical support of her shareholders. But the corona pandemic completely changed the initial situation.

During the crisis there was a drastic decline in the motor insurance business , explained Joonko. "For a young player in the highly competitive market, customer acquisition was therefore very difficult and only possible with a further high capital requirement." In addition, a Series A financing round initiated in the spring with existing and new investors could not be concluded because one of the Lead investors dropped out at short notice.

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employees should receive offers from other Finleap areas.

An alternative and sufficient financing is not possible in such a short time, which is why the company is now taking the step and closing the business. All existing partners have already been informed, the 43 employees are to receive offers from other Finleap areas.

After about a year, the attempt to shake Check24's dominant position as the leading comparison portal in Germany failed. Joonko tried to stand out from the competition right from the start: The new portal should not create any economic incentive to encourage customers to switch if their private situation did not require it. A separate insurance advisory board chaired by ex-minister Brigitte Zypries should watch over this.

The name Joonko is a tribute to the Japanese Junko Tabei, who was the first woman to climb Mount Everest in 1975. Attempting to attack Check24 was certainly not much easier than this.

Although Joonko collected around ten million euros in the first financing round as a start-up investment, Check24 has long been operating in a different sphere. In recent years, the market leader has been estimated to have spent more than 170 million euros on advertising alone.

More : This new website wants to stir up the market for comparison portals

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