Virtual insurance platform Insurify announced Thursday, September 1, that it had raked in $ 100 million in a Series B funding round, according to a Press release.
Insurify will use the money to “expand its operations and accelerate its growth initiatives,” the statement said. It will expand and diversify its product portfolio across all insurance verticals and deepen customer relationships, strengthen brand awareness and increase recruitment efforts.
The company has now raised a total of $ 128 million and increased its new and recurring revenue six-fold since its Series A funding round in the fourth quarter of 2019, according to the release.
“Our mission is to build trust between client and agent by creating the smartest and most trusted virtual insurance agent in the industry,” said Insurify Founder and CEO Snejina Zacharia in the communicated. “We want to empower our customers to make the best decisions about their insurance and be confident that they can realize immediate savings with our product. “
The round was led by fintech private equity firm Motive Partners and included participation from existing investors Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures and Moneta VC, as well as new investors Viola Growth and Fort Ross Ventures.
In addition, Ally Financial will soon begin offering home insurance policies through a partnership with insurance provider Hippo. Hippo will underwrite the policies, while Ally will support them financially, with $ 500 million to begin with.
Read more: Ally Financial will offer home insurance through Hippo
Hippo chairman Rick McCathron said the deal would double the company’s underwriting capacity and allow it to upgrade its services and technology.
“As we are a fast growing company, it is very important for us to have sufficient underwriting capacity to support our growth,” said McCathron.
The new partnership means Ally will sell home insurance in 10 states before expanding nationwide. The company had previously focused solely on selling auto insurance.