Property developer Lennar co-led a $70m funding round for US-based home insurance startup Hippo on Wednesday with venture capital firm Felicis Ventures.
The round included all Hippo’s major existing investors including Munich Re Ventures and Comcast Ventures, respective corporate venturing subsidiaries of reinsurance firm Munich Re and mass media group Comcast.
Hippo operates an online platform that enables users to get a home insurance quote in the space of less than a minute and buy cover in four minutes. It also claims to offer deeper coverage than traditional plans while premiums are up to 25% less.
The company’s policies are underwritten by large insurance firms and it is present in 13 US states.
Assaf Wand, co-founder and chief executive of Hippo, said: “Our heavy focus on customer experience for every client, from first time homeowners to home insurance experts, has been one of the keys to our success.
“From a client’s first interaction with us, to our regular coverage tracking, we always keep their needs in mind. We are eager to expand our footprint, launch new products and bring our incredible customer service to clients nationwide.”
The company raised $25m in a January 2018 series B round co-led by Comcast Ventures and Fifth Wall, the property technology-focused VC firm in which Lennar is a limited partner.
The series B followed a $14m series A round in late 2016 led by Horizons Ventures and backed by financial services firm BBVA’s Propel Venture Partners firm, GGV Capital, RPM Ventures and Pipeline Capital.
Hippo identified Munich Re Ventures, Abstract Ventures, Aquiline Technology Growth, Pipeline Ventures and Zeev Ventures as existing backers this week but did not specify when they first invested.
