US-based online home insurance provider Hippo secured $100m in series D funding on Wednesday from investors including mass media group Comcast, building materials manufacturer Standard Industries and property developer Lennar.
The round was led by investment firm Bond and also featured Propel Venture Partners, the venture capital arm of financial services firm BBVA, as well as Felicis Ventures, Fifth Wall, Hillhouse Capital, Horizons Ventures, Iconiq Capital, Pipeline Capital, RPM Ventures, Zeev Ventures and private investor Michael Ovitz.
Comcast participated in the round through its corporate venturing unit, Comcast Ventures. Hippo has now disclosed a total of $209m in funding altogether.
Founded in 2015, Hippo has created an online platform that allows homeowners to assess insurance quotes in less than a minute and buy policies in four minutes, with savings of up to 25% on premiums.
The company offers complimentary smart home devices that are designed to improve home security and prevent accidents such as water leaks and fires. It has also partnered homebuilders to install smart sensors that lower the ongoing maintenance costs into new homes.
Proceeds from the round will be used to expand Hippo’s offering to more than 80% of the US by the end of 2019 while also growing its distribution network.
Lennar and Felicis Ventures co-led a $70m series C round for Hippo in November 2018 that included Comcast Ventures and Munich Re Ventures, the corporate venturing subsidiary of reinsurance firm Munich Re.
Comcast Ventures and Fifth Wall had previously led the company’s $25m series B round in January 2018. Hippo had received $14m in a 2016 series A round led by Horizons Ventures and backed by Propel Venture Partners, GGV Capital, RPM Ventures and Pipeline Capital.
Munich Re Ventures, Abstract Ventures, Aquiline Technology Growth, Pipeline Ventures and Zeev Ventures were described as existing investors in the series C round, though it is not clear when they made their initial investments.