Policygenius, a U.S.-based online insurance marketplace, announced on Thursday it secured $100 million through its Series D funding round, which was led by global investment firm KKR, with participation from Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures.
Founded in 2014, Policygenius’ key mission is to help consumers get insurance “right” by making it easy for them to understand their options, compare quotes, and purchase a policy all in one place. The platform noted it has helped more than 30 million people shop for all types of insurance.
“Policygenius is the fastest-growing life insurance distributor with $45 billion in life coverage issued to date. In 2019, Policygenius launched a new property and casualty insurance offering, which scaled to more than $10 million in revenue in less than 12 months. Collectively, consumers can shop for several types of insurance, including life, home, auto, disability and renters.”
Jennifer Fitzgerald, CEO and Co-Founder at Policygenius, further explained:
“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. With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”
Speaking about Polygenius’ growth and progress, Allan Jean-Baptiste, a Principal at KKR, stated:
“With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime. 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.”
In regards to the investment round, Jake Heller, Growth Investor at KKR, added:
“We are thrilled to be working with Jennifer, Francois [de Lame] and their dedicated team as they continue to transform consumer financial protection.”