Gabi nets $9.5m Series A round led by Canvas

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Online car and home insurance comparison platform Gabi has raised $9.5m in its Series A funding round led by Canvas Ventures.

Participation to the round also came from Correlation Ventures, Northwestern Mutual Future Ventures, Securian Ventures and previous investors A.Capital Ventures and Project A.

San Francisco-based Gabi automates the insurance shopping process by comparing different policies from around the world. The offering, which is free to use, uses smart algorithms and aims to save consumers time when comparing insurance products.

The company currently offers support for auto, home, renters, umbrella and life insurance policies.

The platform is currently available in California, Ohio, Texas, North Carolina, Pennsylvania and Arizona. This capital injection will be used to accelerate its expansion across the country.

Gabi CEO and co-founder Hanno Fichtner said, “Instead of relying on insurance agents who may be driven by commission or only compare a few quotes, Gabi’s technology automatically scours the 25 largest insurance companies in the US, including Nationwide, Travelers, and Safeco, for the best rates and most relevant offerings.”

As part of the transaction, Canvas Ventures general partner Rebecca Lynn will join the company’s board of directors.

Last year, the company reportedly bagged a $2.6m seed investment from SV Angel, Project A, and A.Capital. Recently the company also established a partnership with online-first auto insurance company Clearcover.

Canvas Ventures last FinTech deal was a lead investment in to real estate investment platform Roofstock last year. The firm participated in the $35m round which was raised to support the expansion of its product and development of new features.

Copyright © 2018 FinTech Global

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