Insurtech startup Policygenius bags $100M Series D funding to grow its online insurance marketplace
Policygenius, an online insurance marketplace startup, has raised $100M funding to grow the Huckleberry insurance products through sectors such as auto repair, personal care and restaurants. The Series D financing was backed by KKR & Co. and venture capital operations backed by Axa SA, Massachusetts Mutual Life Insurance Co. and Transamerica. The startup also will use the funding proceeds to scale its data science, engineering and marketing efforts.
Policygenius is changing a massive industry by making insurance shopping faster, friendlier and more transparent for online consumers. Since its launch in 2014, Policygenius has achieved rapid growth in a notoriously difficult industry and established ourselves as a pioneer in a now hot sector of FinTech.
Last year, Policygenius launched a new property and casualty insurance product offering, which scaled to more than $10 million in revenue in less than 12 months. The startup also added about 180 new employees and opened a second headquarters in Durham, North Carolina.
The Brooklyn, NY-based Policygenius was founded in 2014 by two former McKinsey consultants, Francois de Lame and Jennifer Fitzgerald. The duo saw a gap in the insurance industry and dedicated themselves to shifting the industry online and into the hands of the consumer. Through its highly tailored Insurance Checkup™, users can discover their coverage gaps and review solutions for their exact needs. The company provides the only place online to shop for life, long-term disability, renters and pet insurance through its highly accurate quoting engines that offer side-by-side comparisons of tailored policies.
“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,” said Jennifer Fitzgerald, CEO and co-founder at Policygenius, in a statement. “With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”
“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,” added Allan Jean-Baptiste, at KKR. “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.”