US-based home insurance provider Hippo Enterprises completed a $150m series E round yesterday featuring home maintenance services provider Standard Industries, home builder Lennar and mass media group Comcast.
The round was closed at a $1.5bn post-money valuation and included Propel Venture Partners, the venture capital firm backed by financial services firm BBVA, while Comcast invested through corporate venturing unit Comcast Ventures.
FinTLV, Ribbit Capital, Dragoneer, Bond, Felicis Ventures, Fifth Wall, Horizons Ventures, Iconiq Capital, Innovius Capital, Pipeline Capital, RPM Ventures and Zeev Ventures filled out the round along with unnamed hedge funds and family offices.
Hippo sells home insurance through an online portal and will use the series E funds to increase headcount and improve its technology as it looks to extend its reach to 95% of US households in the next year while looking to acquire its own insurance carrier.
The company closed its last funding, a $100m series D round led by Bond in July 2019, at a reported $1bn post-money valuation, with Comcast Ventures, Standard Industries, Propel Venture Partners and Lennar all participating.
The series D included Felicis Ventures, Fifth Wall, Hillhouse Capital, Horizons Ventures, Iconiq Capital, Pipeline Capital, RPM Ventures, Zeev Ventures and Michael Ovitz and took the total funding disclosed by Hippo to $209m.
Hippo secured $70m in a late 2018 series C round co-led by Lennar and Felicis Ventures that included all its main existing investors, after Comcast Ventures and Fifth Wall co-led its $25m series B earlier the same year.
Propel Venture Partners, Horizons Ventures, RPM Ventures, Pipeline Capital and GGV Capital had provided $14m in series A funding for the company in 2016. Its early investors include Munich Re Ventures – part of reinsurer Munich Re – as well as Abstract Ventures and Aquiline Technology Growth.
Assaf Wand, Hippo’s co-founder and chief executive, said: “We have seen tremendous growth over the last three years since launch, by leveraging technology wisely and reimagining the customer experience.
“We are developing a long-term relationship with our customers, in part by supporting our insurance customers with home maintenance and smart home devices – all of which help solve small problems before they become big headaches.”
