On-line insurance coverage market Policygenius raised $100 million in new financing. The corporate plans to make use of the cash for hiring, to develop and to broaden the buyer monetary safety merchandise it would unveil in 2020.
“With the assist of our traders, we stay up for increasing our attain and product portfolio to broader monetary wellness,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, mentioned in ready remarks.
The insurtech, an impartial insurance coverage dealer primarily based in New York Metropolis, raised the cash, partly from present traders AXA Enterprise companions, Mass Mutual Ventures, Transamerica Ventures, Norwest Enterprise Companions, Revolution Ventures and Susa Ventures. World funding agency KKR led the Sequence D spherical.
Policygenius raised $30 million in a Sequence C spherical in early 2017. The corporate claims that since that point, it now pulls in $60 million in annual income.
Based by Fitzgerald and Francois de Lame in New York in 2014, Policygenius has a web-based platform that helps individuals store and evaluate insurance coverage from a variety of suppliers. It provides insurance coverage merchandise together with householders, auto, renters, life and medical health insurance.
For householders, its provider companions embody Vacationers, Progressive, Nationwide, Safeco, AIG, Hippo and MetLife. For auto insurance coverage, it quotes Allstate and Liberty Mutual.
Whereas the corporate initially targeted on life insurance coverage cowl, it entered into property/casualty insurance coverage final January, one thing the corporate mentioned has grown to greater than $10 million in income in lower than a yr.
Policygenius now has a second workplace in Durham, N.C. that it opened in 2019.
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