FinTech: Online Insurance Marketplace and Insurtech Policygenius Raises $100 Million

January 31, 2020 | FinTech, Latest News, News, Venture Capital

KKR led the fintech startup’s D round.

Policygenius announced the successful raising of $100 million via its Series D funding round.

Policygenius is an online marketplace for comparing and buying insurance products,

Jennifer Fitzgerald and Francois de Lame founded Policygenius in 2014. Its digital platform connects consumers with reputed insurance carriers. It is the fastest-growing life insurance distributor, having issued $45 billion in life cover to date.

Furthermore, Policygenius has grown annualized revenues to $60 million, a 10 times increase since 2017. It completed its C Round Funding in early 2017.

Therefore, consumers can now purchase several types of insurance, including life, home, auto, disability and renters on the Policygenius platform.

Investors making a bee-line for insurtech startups

Other participants in the current funding round included existing major investors in the company, Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures.

“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,” Allan Jean-Baptiste, at KKR, said. “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.”

Policygenius will deploy the funds raised to launch new consumer insurance products in 2020, as well as to boost headcount.

“The company has reached an inflection point where it made sense to throw the proverbial fuel on the fire,” Fitzgerald told Bloomberg telephonically.

She added that the new money will add further momentum to the strong growth Policygenius enjoyed.

Related Story:  Venture Capital: New, Boston-Based VC Firm to Target Insurtech and Fintech                                                 

Image Credit: Flickr

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Corporates Buy More Bitcoin – MicroStrategy $1B; Square $170M
February 24, 2021     Digital Assets, News

MicroStrategy describes bitcoin as “a dependable store of value.” In an announcement today, MicroStrategy (NASDAQ: MSTR) said it had invested an additional $1.026 billion in the purchase of 19,452 bitcoins…
Venture Capital: Klarna’s Funding Binge On Course For A $1B Raise
February 24, 2021     FinTech, Latest News, News

Bloomberg reports that Klarna Bank AB, the Swedish fintech startup that was valued at $10.65 billion in September, may raise another $1 billion. But this time its valuation could be…
FinTech: Tyme Raises $110M For Its Bank In South Africa, ASEAN Expansion
February 24, 2021     FinTech, News

Tyme has partnered with JG Summit to Launch Digital Bank for the Philippines. Digital banking network Tyme announced Tuesday its raise of $110 million from new investors Apis Growth Fund…
Artificial Intelligence: Former Google CEO Schmidt Sounds The Alarm On China’s Prowess In AI
February 24, 2021     Artificial Intelligence, News

Eric Schmidt, who was CEO of Google (NASDAQ: GOOGL) from 2001 through 2011, warned Tuesday that the United States is “one or two years ahead of China, not five or…