InsurTech Hippo has cemented its place in the coveted unicorn club by raising a $150m round at a $1.5bn valuation.
The company will use the money to expand its services, recruit new team members and to support a proposed acquisition of insurance carrier Spinnaker Insurance Company.
It announced the acquisition plans last month after having previously acquired Sheltr, a platform that helps homeowners take care of their homes, at the end of 2019.
Hippo and Spinnaker have been collaborating since 2017.
Through this acquisition, Hippo will release new home management services, beginning with home wellness checkups.
Hippo has the goal of reaching 95% of US homeowners in the next year.
The Series E round was supported by FinTLV Ventures, Ribbit Capital, Dragoneer Investment Group and Innovious Capital.
Hippo has developed a system that makes it easier to evaluate homes. It uses technology like thermal and satellite imagery to monitor changes to a homeowner’s property over time.
Moreover, it also uses smart technology to help homeowners quickly detect things like water leaks.
The Series E round comes almost a year to the day after Hippo raised its $100m Series D round in 2019. That round was led by Bond and also enjoyed participations from Comcast Ventures, Felicis Ventures, Fifth Wall, Hillhouse Capital, Horizons Ventures, ICONIQ Capital, Lennar Corporation, Michael Ovitz, Pipeline Capital, Propel Venture Partners, RPM Ventures, Standard Industries, and Zeev Ventures.
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