THANK YOU FOR SUBSCRIBING
The renowned online marketplace for comparing and purchasing insurance, Policygenius closed $100 million in Series D funding round led by KKR
FREMONT, CA: Policygenius closed $100 million from its Series D funding round led by the global investment capital KKR. The leading online marketplace for purchasing and comparing insurance has grown its annualized revenues to $60 million since its Series C investment worth $30 million in 2017. The increase is recorded to be ten times more than the previous funding reports.
Policygenius is set to use the latest investment for hiring and for the provision of broader consumer financial protection, which the firm is set to unveil in 2020. Its Series D funding round, which was led by KKR, also saw the participation of other existing major venture capitals of the company, including Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures, Norwest Venture Partners, and Transamerica Ventures.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Check Out: Top Insurtech Companies
The founders of Policygenius are Jennifer Fitzgerald, and Francois de Lame, who established the firm in 2014, envisioned its focus on insurance purchases. The company provides an enhanced digital experience for customers to navigate the entire process of purchasing insurance. Policygenius has also designed integrations with some of the most trusted insurance carriers and industry leaders in technology for underwriting, quoting, and fulfillment.
Since its inception, Policygenius' proprietary technology and in-house operations have displayed impressive growth. The company is the fastest-growing life insurance distributor with $45 billion in life coverage issued to date. In 2019, a new property and casualty insurance offering was launched by Policygenius, which accounted for more than $10 million in revenue, in a span of 12 months. It’s aggregates show that consumers shop for several types of insurance, including life, home, auto, disability, and renters. Buoyed by the growth rate, the company hired 180 new employees and inaugurated its second headquarters in Durham, North Carolina, in 2019.
"Our technology platform delivers a seamless and easy experience for comparing, buying, and switching insurance, at scale, nationwide. But what we're exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely," Jennifer Fitzgerald, CEO, and co-founder at Policygenius said. "With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness."
"With increased competition in the insurance sector, we believe there's a need for platforms where customers can easily manage their relationships across several insurance policies and carriers throughout their lifetime," Allan Jean-Baptiste, at KKR, said. "Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike."
"We are thrilled to be working with Jennifer, Francois, and their dedicated team as they continue to transform consumer financial protection," added KKR's Jake Heller.
KKR is set to utilize the investments through its Next Generation Technology Fund II, which conducted its final close at the start of the month. Representing KKR are Allan Jean-Baptiste and Jake Heller as Policygenius' Board of Directors.
See Also: Top Banking Technology Companies
More in News