Insurtech Hippo attracts new funding at $1.5bn valuation
Hippo, a US insurtech focused on the home insurance market, has secured $150 million in Series E funding, valuing its business at $1.5 billion post-financing.
The company will use the funding to accelerate its expansion, including to reach 95 percent of the US homeowner population in the next one year, make key hiring additions, invest in its technology operations and support the company’s proposed acquisition of a national insurance carrier.
The insurtech has committed to an "aggressive hiring plan" in the US with an aim to transform the home insurance market.
New investors FinTLV, Ribbit Capital, Dragoneer and Innovius Capital participated in the funding round, alongside the existing investors BOND, Comcast Ventures, Felicis Ventures, Fifth Wall, Horizons Ventures, ICONIQ Capital, Innovius Capital, Lennar Corporation, Pipeline Capital, Propel Venture Partners, RPM Ventures, Standard Industries, and Zeev Ventures. Hippo said the round also includes investment from large international hedge funds.
Assaf Wand, co-founder and CEO, Hippo, said: “We set out to change the relationship between homeowners and home insurance by offering more value and services in each interaction with our customers. We’ve seen tremendous growth over the last three years since launch, by leveraging technology wisely and reimagining the customer experience. We’re developing a long-term relationship with our customers, in part by supporting our insurance customers with home maintenance and smart home devices - all of which help solve small problems before they become big headaches.”
Gil Arazi, founder and managing partner, FinTLV, an insurtech-focused VC fund, said: “We’ve watched Hippo transform the home insurance experience, from its proprietary underwriting technology to its delightfully refreshing customer experience, a rarity in the industry. The value Hippo provides for consumers and the strides it has made towards the larger progression of the P&C insurance sector makes it the most compelling technology insurance company of its time.”
