Insurtech startup Hippo Insurance announced on Wednesday it secured $100 million Series D funding round led by Bond, a global technology investment firm founded by Mary Meeker, Mood Rowghani, Noah Knauf and Juliet de Baubigny.
Hippo reported that since its launch in 2017, its “modern take” on home insurance, from coverage and pricing to claims and service has grown into a new kind of insurance that proactively identifies and resolves ongoing risks for today’s consumers. Hippo revealed:
“The financing will be used to fuel the expansion of Hippo’s geographic footprint to more than 80 percent of the U.S. homeowner population by the end of the year, deepen Hippo’s direct-to-consumer product portfolio, grow Hippo’s distribution network of industry partners, and further cement Hippo as the leading brand in modern home insurance. This investment round builds on a record twelve months for Hippo, which has seen premiums grow more than 10 times and places them among the fastest-growing companies in the Insurance Technology sector.”
While sharing details about the investment round, Assaf Wand, Co-Founder and CEO of Hippo, stated:
“We launched Hippo to transform the outdated and often frustrating relationship people have with their home insurance provider into one that’s approachable, modern, and always adding value. 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.”
Noah Knauf, General Partner at Bond, went on to add:
“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.”
Hippo’s Series D investment brings the company’s total funding raised to $209 million with participation in this round 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.