Californian InsurTech Hippo raises $70m in Series C round

Hippo Insurance has raised $70m Series C investment round led by Felicis Ventures and homebuilder Lennar Corporation.

Founded in 2017, Hippo allows customers to get a quote and purchase home insurance online in under 60 seconds. Policy sales at the business have grown by 30 per cent since January this year. Hippo has also launched into 11 new states, proving coverage to over $25bn worth of property.

The insurance includes protection for possessions like appliances and electronics. The technology can save up to 25 per cent compared to traditional insurers.

The round of growth funding, which was backed by previous investors, brings the company’s total amount of funding raised to $109m.

Previous investors in the business have included Abstract Ventures, Aquiline Technology Growth, Comcast Ventures, GGV Capital, Horizons Ventures, Munich Re Ventures, Pipeline Ventures, RPM Ventures and Zeev Ventures.

Follow-on investor, Fifth Wall, facilitated the partnership between Hippo and Lennar after co-leading a $25m Series B funding round alongside Comcast Ventures.

“Hippo has set the bar for the future of insurance with its fully automated, proprietary policy management and proactive underwriting,” said Felicis Ventures managing director Victoria Treyger.

“The company leverages thousands of data points to underwrite customers in minutes and proactively monitors and alerts homeowners when key repairs or weather protection is needed to safeguard their most important asset.”

Felicis Ventures closed its sixth flagship fund on $270m earlier this year, representing its largest vehicle to date.

Last year, Felicis Ventures hired Aamir Virani, co-founder and COO of Dropcam, as its newest partner.

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