US virtual insurance agent and comparison platform Insurify has closed a $100 million Series B funding round led by specialist private equity firm Motive Partners.
Existing investors Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures and Moneta VC were joined by new arrivals Viola Growth and Fort Ross Ventures.
Founded in 2013 by CEO Snejina Zacharia, Insurify was established to provide a tailored insurance purchasing experience where customers leverage AI-powered recommendations to instantly compare accurate auto, home, and life insurance quotes from both large and regional carriers.
Insurify plans to put this latest capital injection towards expanding operations and accelerating growth initiatives, such as further scaling and diversifying its product suite via expanded direct quoting integrations across all verticals.
“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. 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,” said Snejina Zacharia, founder and CEO of Insurify.
“We’re very excited to partner with our investors to continue building a trusted brand loved by millions of customers and achieve our growth targets. The industry is accelerating its shift towards digital insurance brokerage, and Insurify is leading the charge.”
James O’Neill, Founding Partner at Motive Partners commented, “Insurify is bringing cutting-edge digital distribution technology to the insurance market, a $2 trillion industry in the United States alone.
“Insurify is already growing rapidly and the new round of investment will allow the company to accelerate its investment in enriching their existing services and extending their reach to additional insurance products. We look forward to partnering closely with Snejina and the Insurify team, and leveraging Motive Partners’ resources in technology and innovation, to capitalize on this unique market opportunity.”
“We are excited to join our sister fund Viola FinTech and to deepen Viola Group’s involvement in the company and the space,” said Harel Beit On, founder and General Partner at Viola Growth.
“We were super impressed by Insurify’s ability to deliver a frictionless purchasing experience that customers expect while tackling the unique challenges facing the modern industry. With comparison shopping only growing, Insurify’s embedded insurance products can improve efficiency, satisfaction, and market penetration in insurance,” Beit On added.