Home insurance provider Hippo brings in $70M amid a record year in funding for insurtech startups

Felicis Ventures and Lennar Corporation have co-led the $70 million Series C funding round for Hippo, a tech-enabled home insurance marketplace.

Existing investors in the startup, like Comcast Ventures, Fifth Wall Ventures, Horizons Ventures and GGV Capital, likewise were involved in these round.

Hippo has raised $109 million to date, including a $25 million Series B the beginning of this year. Co-founder and chief executive officer Assaf Wand declined to disclose Hippo’s valuation.

Wand, who co-founded the startup in 2015 with Eyal Navon, said he spent 14 times seeing the technology that would become Hippo, inspired by his father’s career in the outmoded insurance industry.

Hippo co-founder and chief executive officer Assaf Wand.

” I was born into insurance ,” Wand told TechCrunch.” Now, the entire real estate ecosystem is changing and service industries is massive. We are getting a crazy good challenge. We guess the sky’s the limit with this thing .”

The Mountain View, Calif.-based company officially launched to customers in 2017. It plans to use its latest investment to fuel the growth of its product, which sells home insurance programs at lower premiums. So far this year, Hippo has expanded into 10 new states and says its sales have grown 30 percent month-over-month since January.

Insurance startups have raised billions as industry players opposed tech disruptors

” Hippo has defined the bar for the future of insurance with its fully automated, proprietary policy management and proactive underwriting, ” Felicis managing director Victoria Treyger was indicated in a statement. “Insurance is the next big sector to undergo the dramatic metamorphosi of client experience and improved risk management enabled by access to real time data. We visualize Hippo’s current growth rate and effective automated policy management system as just the beginning of driving this transformation.”

Treyger will join Hippo’s board of directors as part of the round.

The insurance industry is indeed undergoing a dramatic change as a result of technology companies targeting the sector, which are part of a relatively new category of startups dubbed insurtech.

According to PitchBook, insurtech startups have raised virtually$ 6 billion in venture capital funding since 2012. This year alone, companies in the space have brought in a record amount of capital at $1.8 billion across 94 deals.

Whether or not the hype for the emerging category will continue into 2019 remains to be seen.

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