Hippo, the California-based insurtech company that is transforming home insurance for savvy homeowners, announced on Monday it secured $25 million in Series B funding round, which was led by Comcast Ventures and Fifth Wall. The investment comes less than two weeks after Hippo announced it formed a strategic partnership with Spinnaker Insurance Company.
Founded in 2015, the company describes itself as a new kind of insurance company that uses modern technology in order to provide a simpler process, smarter coverage. Hippo also stated its smart home insurance policies offer more comprehensive coverage for today’s homeowners, while also cutting premium costs. Assaf Wand, Hippo Co-Founder and CEO, stated:
“Homeowners insurance is an antiquated industry that has lost its way. Up to sixty-five percent of all homeowner claims result from catastrophic events. Whether it’s damage from a hurricane or wildfire, the last thing homeowners should have to deal with is a complicated battle with their insurance carrier. We get our customers what they need immediately, so the claims process doesn’t become another crisis they have to deal with.”
While sharing details about the investment in Hippo, Sam Landman, Managing Director of Comcast Ventures, commented:
“More and more complex financial purchases are being made online, yet the insurance industry has fallen short of providing homeowners with a digitally delivered product that provides the quality of service consumers deserve. We invested in Hippo because the team is executing against their vision to build a more modern, consumer-focused product with proprietary internal tools that we believe will create a sustainable operational advantage.”
“There’s a massive opportunity to reimagine the way home insurance is bought, sold and serviced by combining big data and personal assistance with better, cheaper and more comprehensive coverage. U.S. homebuilders similarly want to digitize all aspects of the home-buying experience and home insurance remains a largely offline, antiquated financial product. After evaluating the whole category of next-generation home insurance providers with our strategic real estate investors, Fifth Wall is excited to be partnering with Hippo to dramatically accelerate its growth through real estate partnerships.”
Hippo previously closed $14 million in Series A funding in December 2016, which was led by Horizons Ventures and joined by RPM Ventures, Propel Venture Partners, GGV Capital, and Pipeline Capital.