Hippo, an online supplier of home insurance policies, has raised $100m in its Series D funding round.
Technology-focused investment firm Bond led the round. Other contributions came from investors including Comcast Ventures, Felicis Ventures, Fifth Wall, Hillhouse Capital, Horizons Ventures, ICONIQ Capital, Lennar Corporation, Michael Ovitz, Pipeline Capital, Propel Venture Partners, RPM Ventures, Standard Industries, and Zeev Ventures.
This capital injection will be used to support the expand Hippo’s reach to over 80 per cent of the US homeowner population by the end of the year, it claims. In addition to this, funds will be used to deepen its consumer product portfolio, increase its distribution network, and cement Hippo’s position in the market.
Launched in 2017, the company offers home insurance services from coverage and pricing to claims and service. The company uses data-driven pricing and real-time underwriting to analyse public datasets, including municipal building records and satellite imagery of physical property characteristics. Through this, it can create a more accurate profile for a customer’s profile and more personalised insurance.
The round comes after a period of strong growth for Hippo which has seen it increase premiums by over 10-times.
Hippo co-founder and CEO Assaf Wand said, “We launched Hippo to transform the outdated and often frustrating relationship people have with their home insurance provider into one that’s approachable, modern, and always adding value.
“Not only are more than 60% of US homeowners underinsured but traditional insurance only interacts with you when you file a claim. We’re providing more comprehensive policies and helping customers prevent claims from ever happening through protective services, programs and alerts that safeguard their homes, a family’s largest personal asset.”
With the new batch of funding, Hippo has raised a total of $209m from investors. The company closed its Series C round late last year on $70m, with investments coming from Felicis Ventures and Lennar Corporation.
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