Policygenius, an online marketplace for insurance comparison, has collected $100m in its Series D round.
The round was led by KKR, with contributions also coming from Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures.
With the new capital, the company is looking to hire more staff and release new financial protection products later in the year.
Policygenius is an online marketplace which helps consumers to find the best insurance products for them. The US-based company was founded in 2014 and empowers consumers to compare life, home, auto, disability and renters insurance.
The company has issued a total of $45bn in life coverage to date. Policygenius released a new property and casualty insurance offering last year and in just 12 months it was able to scale to over $10m in revenue.
KKR principal Allan Jean-Baptiste said, “With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime.
“Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”
As part of the deal, Jean-Baptiste will represent KKR on the Policygenius board of directors. KKR is completing the investment through its Next Generation Technology Fund II, A $2.2bn vehicle which focuses on growth equity investment opportunities in the technology space in North America, Europe and Israel.
Policygenius closed its Series C round back in 2017 on $30m and since then, it has increased its annualized revenues by ten times to $60m.
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