InsurTech Policygenius, an online marketplace for comparing and purchasing insurance, has announced $100 million in Series D funding led by global investment firm, KKR.
Existing major investors in Policygenius, which includes Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the latest funding round.
In early 2017, the company raised $30 million in a Series C funding round, and has since grown annualised revenues by 10 times, to $60 million. The firm says that it will use its latest funding proceeds for hiring and for broader consumer financial protection solutions to be released in 2020.
The company was founded by Jennifer Fitzgerald and Francois de Lame in 2014, offering a digital experience for consumers to navigate insurance buying. Policygenius states that it has built integrations with the most trusted insurance carriers and industry-leading technology for quoting, underwriting, and also fulfilment.
Chief Executive Officer (CEO) and co-founder, Fitzgerald, commented: “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.”
To date, Policygenius has issued $45 million in life coverage and in 2019, launched a new P&C insurance offering, which it says scaled to more than $10 million in revenue in under a year.
Allan Jean-Baptiste, KKR, said: “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.”
While KKR’s Jake Heller added: “We are thrilled to be working with Jennifer, Francois and their dedicated team as they continue to transform consumer financial protection.”
Following the investment, which will be made by KKR through its Next Generation Technology Fund II, Jean-Baptiste and Heller will represent KKR on Policygenius’ Board of Directors.