Online insurance comparison platform Matic scores $24m investment

Digital insurance agency Matic has closed its latest investment round on $24m to support a wave of partnerships and integrations with carriers and distribution partners in emerging channels and verticals.

This investment was led by IA Capital, a New York-based venture capital firm. Other backers include Cultivation Capital, Clocktower Technology Ventures, MTech Capital, The K Fund, Protection America, Nationwide Ventures, Anthemis Group, ManchesterStory, Franklin Madison and Fenway Summer.

Funds from the round will also enable Matic to seek partnerships outside of the mortgage space.

Matic’s technology claims to reduce the time it takes to compare and purchase home insurance policies to around ten minutes.

IA Capital managing partner Andrew Lerner said, “Matic has been synonymous with expertise in insurtech since their inception a few years ago.

“We chose to partner with Matic because of their unrivalled proprietary technology, differentiated distribution, and the customer-focused vision and values carried forth by their team. We look forward to seeing Matic’s growth continue as they expand their product offerings, partnerships, and internal talent.”

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