Auto insurance comparison marketplace The Zebra has pulled in $40m Series B round led by Accel Partners.
Texas-headquartered car insurance real-time comparison platform allows users to search through more than 200 car insurance companies, as well as providing agent support and educational tools. The company has helped 4 million drivers save an average of $368 a year on car insurance, according to the company.
This capital will be used to expand product functionality, adding new lines of products, and boost staff numbers and partnerships. The equity will also be used for marketing to help further establish the company name.
Accel partner John Locke said, “There’s an opportunity in insurance to build the go-to digital brand for comparison shopping, just as we’ve lived through from the beginning with what KAYAK did for travel. The Zebra team has the product-first DNA and momentum to pull this off, and we’re thrilled to partner with Keith Melnick who we worked with on KAYAK for over a decade and the whole The Zebra team to help make this vision a reality.”
With this injection of capital total funding raised by the company has reached around $61.5m, with the company having picked up a $17m Series A funding round early last year.
Earlier this week Accel led the $60m Series C into online gift card marketplace Raise, with the company joined by PayPal, New Enterprise Associates and Bessemer Venture Partners.
As part of the transaction, former KAYAK president Keith Melnick has joined The Zebra as CEO.
Global InsurTech investment levels hit a new record in Q2 2017, with the quarter seeing $872m funded across 34 deals.
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