The Zebra, an insurance comparison platform, has scored $38.5m in its Series C round which was led by Accel.
Other investors in the round included Silverton Partners, Daher Capital, Floodgate Fund, Ballast Point Ventures and The Zebra CEO Keith Melnick.
Its Series C investment comes a significant time after its former round. The Zebra previously secured $40m in its Series B back in 2017 from Accel. It raised the funds to help it create new product lines and hire more staff.
In 2019, the InsurTech increased its revenue by nearly 200% year over year to reach $37m. Estimates are for its revenue to grow by over 100% in 2020, it claims.
The Zebra is a Texas-headquartered car and home insurance comparison platform which lets users search in real-time through policies of over 100 insurance companies. Founded in 2012, the InsurTech lets users compare insurance on a number of categories including by state, vehicle and even the best cheap policies.
Weatherford Capital managing partner Will Weatherford said, “We are very pleased to join the latest funding round in The Zebra. We focus on supporting quality teams, industry leaders, and healthy cultures — The Zebra is a great fit for our mandate.
“We look forward to working with The Zebra management team and our fellow investors to build additional value in the business and help further their mission of bringing transparency to the insurance industry.”
North America drove InsurTech investments to a new record in 2019. Last year, there was a total of $7.1bn invested into InsurTech solutions globally and has grown at a CAGR of 32.6% since 2015. There was also $2.1bn more invested in 2019 than in 2018.
The North American region has been largely responsible for the high-level of capital invested. Of the $18.2bn to be deployed in the sector since 2015, 51.4% of this went to North American-based businesses.
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