Gabi, the US-based developer of a personalised insurance buying platform, has received $9.5m in a series A round featuring insurance firm Northwestern Mutual’s corporate venturing fund, Northwestern Mutual Future Ventures.
Venture capital firm Canvas Ventures led the round, which included Securian Ventures, the VC arm of financial services and insurance group Securian Financial Group, as well as Correlation Ventures, A.Capital Ventures and Project A.
Gabi has created an automated online platform that compares policies from a range of insurance provider partners to help customers make the best choice.
The company began offering home and auto insurance to Californian customers through the platform in 2017, and currently sells auto, home, renters, umbrella and life insurance in six US states, though it is licensed throughout the country.
Hanno Fichtner, Gabi’s co-founder and chief executive, said: “We estimate roughly $50bn ise overpaid by insurance customers in the US every year, and we would like to put some of that money back into our customers’ pocket.
“Instead of relying on insurance agents who may be driven by commission or only compare a few quotes, Gabi’s technology automatically scours the 25 largest insurance companies in the US, including Nationwide, Travelers and Safeco, for the best rates and most relevant offerings.”
Canvas Ventures general partner Rebecca Lynn will join Gabi’s board of directors. Proceeds from the series A round, which follows $2.6m in seed capital from A.Capital, Project A and SV Angel in August 2017, will support the startup’s expansion in the US.