Virtual insurance platform Insurify announced Thursday (Sept. 1) it has 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 release stated. It will scale and diversify its product portfolio across all insurance verticals and deepen its customer relationships, strengthen brand awareness and increase hiring efforts.
The company has now raised a total of $128 million and grown its new and recurring revenue by six times since its Series A funding round in the fourth quarter of 2019, according to the release.
“Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry,” said Insurify Founder and CEO Snejina Zacharia in the release. “We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product.”
The round was led by FinTech-focused 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 other news, Ally Financial will soon begin offering home insurance policies through a partnership with insurance provider Hippo. Hippo will underwrite the policies, while Ally will back them financially, with $500 million to start.
Hippo President Rick McCathron said the agreement will double the company’s underwriting capacity and allow it to upgrade its services and technology.
“As we are a fast-growing company, it’s very important for us to have plenty of underwriting capacity to support our growth,” McCathron said.
The new partnership means Ally will sell home insurance in 10 states before going nationwide. The company had previously focused only on selling car insurance.