Online auto insurance marketplace EverQuote has raised $23m in its Series B round of funding.
The investment in the Cambridge, Massachusetts-based startup was led by Savano Capital Partners with Stratim Capital, Oceanic Partners and T Capital Partners also participating.
EverQuote’s platform aims to provide a data-driven marketplace connecting auto insurers to users who fit an appropriate risk profile for the company.
It generates revenue through referrals to the 70 carriers and 5,000 agencies it counts as partners.
The company claims an annual revenue of more than $100m and says it is now profitable.
EverQuote previously took on $1.57m in April 2015 and says the funding will be used to offer liquidity to its founders and early employees as part of its pre-IPO strategy.
In addition to providing liquidity the company will use the capital to hire 120 new employees that it says will be split between sales and data scientists.
EverQuote also offers safe driving app EverDrive that gives users a score after each journey and suggests how they can improve their driving.
The company aims to eventually sell insurance directly through the platform if users agree to share their EverDrive data with carriers.
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