US-based insurance portal PolicyGenius has closed a $15m series B round featuring the corporate venturing arms of insurance firms AXA, Transamerica and MassMutual.
AXA Strategic Ventures, Transamerica Ventures and MassMutual Ventures were joined by venture capital firm Revolution Ventures, which led the round, VC fund Susa Ventures and Karlin Ventures, an affiliate of investment firm Karlin Asset Management.
Founded in 2014, PolicyGenius operates an online platform that sells life, long-term disability, renters and pet insurance alongside quoting engines that can directly compare tailored policies.
PolicyGenius raised $5.3m in a June 2015 series A round co-led by Karlin Ventures and Susa Ventures and backed by Transamerica Ventures and AXA Strategic Ventures, after various angel investors had supplied it with $750,000 in seed funding the previous year.
The series A capital went to marketing and an expansion into new channels for PolicyGenius, but the company plans to use the series B cash to grow its product offering and expand further in the US. It will also grow its operations, marketing, design, editorial and engineering teams.