Insurance comparison platform Gabi bags $27m in its Series B

Home and car insurance platform Gabi has reportedly raised $27m in its Series B round which was led by Mubadala Capital.

Other contributions to the round came from previous Gabi backers Canvas Ventures, Northwestern Mutual Future Ventures, Correlation Ventures, Securian Ventures, A.Capital Ventures and Project A, according to a report from Coverager.

CMFG Ventures, Burst Capital and AngelList also joined the round, marking their first investment into Gabi.

Funds from the round will be used to its goal of becoming the main place for buying home and car insurance.

San Francisco-based Gabi automates the insurance buying process by comparing different policies from around the world. Its free-to-use service leverages algorithms to help consumers sift through relevant insurance products and find the best one for them.

Gabi raised $9.5m in its Series A round in 2018, receiving contributions from Correlation Ventures, Northwestern Mutual Future Ventures, Securian Ventures, A.Capital Ventures and Project A.

North America has helped drive the InsurTech sector. Since 2015, there has been a total of $18.2bn invested into InsurTech solutions around the world, according to data by FinTech Global. Of this sum, 51.4% has been deployed to businesses based in North America.

Copyright © 2020 FinTech Global

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