InsurTech Super banks $50m in a Series C round led by Wells Fargo

Subscription-based InsurTech for homeowners Super closed a $50m in an oversubscribed Series C round of funding led by financial services company Wells Fargo Strategic Capital.

The round, which brought Super’s total funding to date to $80m, saw new investors including Asahi Kasei, AAA – Auto Club Group, Gaingels and REACH, a technology scaleup program created by Second Century Ventures. Existing investors Aquiline Technology Growth, Liberty Mutual Strategic Ventures, Moderne Ventures and the HSB Fund of Munich Re Ventures also participated.

The San Francisco-based firm will use this latest investment to accelerate growth, boost market expansion, hiring and expand its service offerings. The company will also bolster its technology capabilities including leveraging AI to enhance customer experience and aim to ease home caring.

Super offers coverage, fraud prevention and automation—from upfront scheduling through claim approval and service delivery. The company’s data platform captures data on the home, service providers and on homeowners aiming to help brokers and agents provide more value to their clients.

In a bid to deliver quick and effective home repair and maintenance at a predictable cost, Super secures strategic partnerships with local servicers in the real estate industry.

Continued demand in the sector led the company to deliver 7x revenue growth since raising its $20m Series B round in April 2019. The company currently serves households in Austin, Chicago, Dallas, Houston, Phoenix, San Antonio and Washington, DC.

Super CEO Jorey Ramer further said that the funding will assist him to make the firm a “full-stack InsurTech business.” He added, “Data and technology are critical to delivering this experience and give us a better understanding of the home, and the best way to address expected work and costs.”

Commenting on the funding, WFSC’s Principal Technology Investments Group managing director Matthew Raubacher said, “Wells Fargo embraces innovation and we’re excited to support a tech-forward platform like Super which brings further advancement to the home services market.

“The challenges of ongoing repairs and maintenance resonates with every homeowner, and Super provides an experience that is convenient for the customer while boosting job visibility for local contractors and businesses. We look forward to seeing them continue to widen their geographic footprint and expand their product offering.”

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