EverQuote, an online insurance marketplace, has signed an agreement for a $15m private placement investment by its chairman and co-founder.
The investment was placed by Recognition Capital, an entity owned by David Blundin, chairman of the board of directors and co-founder of EverQuote and a longtime investor in the company.
Under the terms of the purchase agreement, Recognition Capital has agreed to purchase 1,004,016 shares of EverQuote’s Class A Common Stock at a price of $14.94 per share, which is equal to the closing price of the Class A Common Stock on the Nasdaq Global Market on February 22, 2022, for an aggregate purchase price of $15m.
EverQuote operates an online insurance marketplace, connecting consumers with insurance providers. The company’s mission is to empower insurance shoppers to better protect life’s most important assets—their family, property, and future.
Jayme Mendal, EverQuote’s CEO, said, “We are pleased that our chairman and co-founder has chosen to invest in our business, reiterating confidence in our company’s market opportunity, long-term growth strategy and management team.
“This investment will help support our growth as we build towards our long-term vision of becoming the largest online source of insurance policies by using data and technology to make insurance simpler, more affordable, and personalised.”
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