Home insurance shopping platform Young Alfred has secured $10m in its funding round led by Gradient Ventures.
Investors from the InsurTech’s seed round, including Pear Ventures, ERA, and Newfund Capital, also participated.
With these new funds, the company will hire additional engineering, sales, and business development staff as well as increasing its marketing efforts.
US-based Young Alfred was founded by Jason Christiansen and David Stasie after they discovered there was such little data available to consumers during the home insurance process. The InsurTech was built to give homeowners the tools to compare and purchase policies digitally, leveraging its direct relations with more than 30 carriers.
Its technology analyses over one billion data points to identify a consumer’s risks and needs, once complete, it will review the best coverage options on price, rating, and protection details.
Gradient Ventures partner Zach Bratun-Glennon said, “Young Alfred matches consumers to the insurance best-suited to their personal needs in minutes. Utilizing data, integrations and machine learning, the company optimizes the customer experience and finds the best results.
“This fits with insurance carriers’ goals because each carrier has different priorities for the policies and risks that they want to underwrite.”
In line with the deal, Bratun-Glennon will join the Young Alfred board of directors.
Earlier in the year, Gradient Ventures contributed to the $3.85m of AI-powered property insurance solution Flyreel. The US-based company offers commercial and residential property insurance carriers with an AI assistant to capture and analyse ground-level data.
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