Home insurance platform Hippo has scored a $25m Series B funding round led by Comcast Ventures and Fifth Wall.
Undisclosed FinTech investors also took part in the Series.
California-based Hippo is an online home insurance provider that helps consumers get a quote and purchase a policy within 60 seconds. The insurance includes protection for possessions like appliances and electronics. The technology can save up to 25 per cent compared to traditional insurers.
When making a claim, a concierge focuses their time on assisting the consumer through the whole process until the finical settlement is reached.
Hippo hopes to use the capital to launch several expansion and development plans, including the opening of a customer service centre in Texas. The new centre will operate as a hub for Hippo’s claims advocate concierges.
The platform launched in California last year, and has since expanded to Arizona and Texas. Hippo hopes to continue expansion to more states over 2018.
Fifth Wall co-founder and managing partner Brendan Wallace said, “There’s a massive opportunity to reimagine the way home insurance is bought, sold and serviced by combining big data and personal assistance with better, cheaper and more comprehensive coverage.
“US homebuilders similarly want to digitize all aspects of the home-buying experience and home insurance remains a largely offline, antiquated financial product.”
This round brings the company’s funding up to around $39m, with the company receiving a $14m Series A round in late 2016. The previous round was led by Horizons Ventures, and saw participation from RPM Ventures, Propel Venture Partners, GGV Capital and Pipeline Capital.
Last week, several InsurTech solutions closed funding rounds, with Greece-based Hellas Direct closing a €7m round to support its expansion through emerging markets. The company raised the capital to support its plans to reach a ‘big blindspot’ in emerging markets.
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