Insurance agent and comparison platform Insurify has raised $100m from a Series B round led by private equity firm Motive Partners.
The round also saw participation from Viola FinTech, Viola Growth, Hearst Ventures, Moneta VC, Fort Ross Ventures and MassMutual Ventures. This recent funding round in the company’s first capital raise since it secured a $23m Series A in January 2020.
Established in 2013, Insurify is a digital platform that allows consumers to find and compare the best cover for their needs. It works by customers answering a few questions about themselves and their needs and Insurify will show bindable quotes from various national and regional insurers which meet their specific needs.
According to Reinsurance News, Insurify intends to use the newly raised funds towards expanding operations and accelerating growth initiatives such as further scaling and diversifying its product suite through expanding direct quoting integrations across all verticals.
Insurify CEO and founder Snejina Zacharia said, “Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry. We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product.
“We’re very excited to partner with our investors to continue building a trusted brand loved by millions of customers and achieve our growth targets. The industry is accelerating its shift towards digital insurance brokerage, and Insurify is leading the charge.”
Motive Partners founding partner James O’Neill added, “Insurify is bringing cutting-edge digital distribution technology to the insurance market, a $2 trillion industry in the United States alone.
“Insurify is already growing rapidly and the new round of investment will allow the company to accelerate its investment in enriching their existing services and extending their reach to additional insurance products. We look forward to partnering closely with Snejina and the Insurify team, and leveraging Motive Partners’ resources in technology and innovation, to capitalize on this unique market opportunity.”
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