Automotive insurance marketplace DealerPolicy has pulled in $110m from a Series C funding round led by Goldman Sachs Asset Management.
The round also saw participation from 3L Capital and Hudson Structured Capital Management. Following the round, Goldman Sachs Asset Management growth equity vice president Paul Pate will join the DealerPolicy board of directors.
Founded in 2016, Vermont-based DealerPolicy provides a choice-based insurance solution at the point-of-sale for car dealers. Car buyers can view multiple insurance quotes and connect with licensed insurance agents to purchase a policy.
The company claims that on average, DealerPolicy Insurance saves consumers who report around $64 per month on automotive insurance. The firm’s insurance arm maintains a network of over 1,000 dealers and more than 40 leading insurance carriers, and claims to have written over $200m in total premiums for car-buyers nationwide since it was established.
According to DealerPolicy, it will use the newly raised funding to accelerate the growth of its next-generation finance and insurance offerings for both dealers and car buyers. This, the company claims, will enable automotive insurance to be seamlessly integrated online and at the point of sale.
DealerPolicy added that it will triple its product and engineering teams over the next year as it expands its operations to further develop and embed modern-day insurance through the car-shopping ownership experience. It will also increase investments in strategic partnerships.
Pate said, “DealerPolicy has successfully pioneered the assimilation of personal insurance into the automotive retail process, in a unified and compliant manner. We’re thrilled to support the DealerPolicy team as they continue to transform the purchase of cars and insurance.”
Earlier this year, DealerPolicy bagged $30m from a Series B funding round. At the time, the company noted it planned to increase the development of its platform and hire more staff.
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