FinTech: Online Insurance Marketplace and Insurtech Policygenius Raises $100 Million
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.
Image Credit: Flickr
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