Reinsurance News

Insurtech Hippo hits $1.5bn valuation after closing Series E round

21st July 2020 - Author: Charlie Wood

Hippo, a California-based insurtech focused on US home insurance, has reached a $1.5 billion valuation following the conclusion of a $150 million Series E funding round.

In the past 12 months, the company has grown its total written premiums to $270 million, growing at 140% Year-over-Year.

Hippo says funding will be used to accelerate the its expansion, make key hiring additions, and support its proposed acquisition of a national insurance carrier.

The company has committed to an aggressive hiring plan for its Palo Alto, California headquarters and its offices in Austin and Dallas, Texas.

Hippo uses technology and data integrations to develop a profile of a customer’s property during the onboarding process.

It then actively reviews changes to a customer’s property over time, using thermal and satellite imagery and layers in AI, machine learning and public records.

“We set out to change the relationship between homeowners and home insurance by offering more value and services in each interaction with our customers,” said Assaf Wand, Co-founder and CEO, Hippo.

“We’ve seen tremendous growth over the last three years since launch, by leveraging technology wisely and reimagining the customer experience.

“We’re developing a long-term relationship with our customers, in part by supporting our insurance customers with home maintenance and smart home devices – all of which help solve small problems before they become big headaches.”

This announcement will no doubt be on the radar of rival insurtech firm Lemonade, which has experienced huge levels of success since its recent IPO.

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