Austin-based insurance comparison site The Zebra raised $150m in Series D funding led by an unnamed investor pushing its valuation to over $1bn.
The Series D round included commitments from Accel and Weatherford Capital, who led the company’s $38.5m Series C last year. Along with the latest investment, The Zebra’s total raised comes to $251.5m since its inception in 2012.
The Zebra intends to leverage more customer data to create personalised experiences, alongside creating more products. To add on, the recent funding will be used to grow The Zebra’s team and build the company’s brand. Hiring will take place across the company and include engineers, developers, finance, marketing and accounting.
Its platform allows users to compare hundreds of insurance companies online, receive real-time quote comparisons and connect to an agent to find the best policies tailored for them. While The Zebra currently offers comparisons for auto and home insurance, it plans to expand into life, pet and renters insurance.
Commenting on the fundraise, entrepreneur and investor in The Zebra Mark Cuban said, “Startup isn’t the right word anymore. The Zebra is a full-fledged tech company that is taking on — and solving — some of the biggest challenges in the $638bn insurance industry.”
While the firm feared slower business due to the ongoing Covid-19 pandemic, March was a record month in revenue for The Zebra, which brought in $12.5m, it said. Furthermore, The Zebra saw net revenue increasing to $79m last year, up from $42m in 2019.
Highlighting the startup’s growth, CEO Keith Melnick said, “We are accelerating our efforts to make The Zebra a household name and help educate, empower and advise consumers to find the best policies for their unique needs, no matter where they are in their lives.”
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