Insurtech Hippo secures $100m to fund expansion; targets 80% coverage of US
Hippo, a California-based insurtech focused on the home insurance market, has secured $100 million Series D funding to fuel expansion of its footprint in the US.
The investment was led by Bond, a technology investment firm founded by Mary Meeker, Mood Rowghani, Noah Knauf and Juliet de Baubigny.
Hippo aims to bring its smart home coverage to over 80 percent of the US population by the end of 2019. It will also use the funds to deepen its direct-to-consumer product portfolio; and grow its distribution network of industry partners.
The company leverages big data, like municipal building records, and innovative technology, such as satellite imagery and smart home devices, to streamline the quote and onboarding experience.
The Series D round brings the company’s total funding raised to $209 million, with participation from 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.
“We launched Hippo to transform the outdated and often frustrating relationship people have with their home insurance provider into one that’s approachable, modern, and always adding value,” said Assaf Wand, co-founder and CEO of Hippo. “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.”
Knauf, general partner at Bond, said: “Hippo has emerged as one of the highest growth companies we’ve seen among its insurance peers and more broadly in FinTech. The Hippo team is world-class and we’re excited to partner with them as they build the next generation insurance company.”
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