FinTLV, Ribbit Capital, Innovius Capital, and Dragoneer are the new investors who took part in the Series E round of Hippo Enterprises
US insurtech company Hippo Enterprises, which is focused on offering smart homeowners insurance products, has raised $150m in a Series E funding round to increase its valuation to $1.5bn.
The Series E round saw the participation of new investors, which included FinTLV, Ribbit Capital, Innovius Capital, and Dragoneer. The funding round had considerable participation from existing investors, said the insurtech company.
FinTLV founder and managing partner Gil Arazi said: “We’ve watched Hippo transform the home insurance experience, from its proprietary underwriting technology to its delightfully refreshing customer experience, a rarity in the industry.
“The value Hippo provides for consumers and the strides it has made towards the larger progression of the P&C insurance sector makes it the most compelling technology insurance company of its time.”
The California-based insurtech company said that the latest funding will be used for speeding up its growth, which includes its target to reach 95% of the US homeowners in the coming 12 months. The company also intends to make key recruitments, invest in its technology operations besides using the new capital for supporting its proposed acquisition of a national insurance carrier.
The insurtech company has so far raised $359m, which includes $100m secured in a Series D round in June 2019, $70m in a Series C round in November 2018, $25m in a Series B round in January 2018, and $14m in a Series A round in December 2016.
In the last 12 months, Hippo Enterprises claims to have seen a 140% year-over-year growth in its total written premiums to $270m.
Hippo Enterprises CEO comments on the company’s progress
Hippo Enterprises co-founder and CEO Assaf Wand said: “We set out to change the relationship between homeowners and home insurance by offering more value and services in each interaction with our customers.
“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.”