Comcast Ventures, the corporate venture capital arm of mass media group Comcast, co-led a $25m series B round yesterday for Hippo, the US-based creator of an online home insurance portal.
Fifth Wall Ventures, a real estate technology-focused VC firm with several corporates as limited partners, co-led the round, which included undisclosed “top fintech investors”.
Founded in 2015, Hippo has developed an online platform that helps users get a quote and buy insurance for their possessions in as little as 60 seconds, for up to 25% less than conventional insurers.
The company will put the series B capital into an expansion drive intended to increase its coverage to 60% of the US population by the end of this year. It also plans to open a customer service hub in Texas.
Comcast Ventures managing director Sam Landman said: “More and more complex financial purchases are being made online, yet the insurance industry has fallen short of providing homeowners with a digitally delivered product that provides the quality of service consumers deserve.
“We invested in Hippo because the team is executing against their vision to build a more modern, consumer-focused product with proprietary internal tools that we believe will create a sustainable operational advantage.”
VC firm Horizons Ventures led Hippo’s $14m series A round in December 2016, investing together with Propel Venture Partners, the VC firm formed by financial services provider BBVA, as well as RPM Ventures, GGV Capital and Pipeline Capital.