US-based online insurance marketplace DealerPolicy has received $30m in a series B round co-led by Hudson Structured Capital Management (HCSM), the operating company for reinsurance provider HSCM Bermuda Management Company.
Growth equity firm 3L Capital co-led the round, which followed $14m from undisclosed investors in March 2020, according to a securities filing.
Founded in 2016, DealerPolicy runs a US-focused online platform where automotive retailers can offer customers pricing quotes sourced from different insurers.
The company will utilise the funding to expand headcount and to bring in two executive level-hires: Wayne Pastore, as president and chief operating officer, and Tara Kasica as senior vice-president of sales. It also expects to accelerate product development.
Venture capital firm MTech Capital revealed in September 2019 it had supplied an undisclosed amount of funding for DealerPolicy, the month after a regulatory filing showed it had secured a total of $16m from multiple investors.