Insurance providers Travelers, State Farm and Nationwide have co-led a $60m series D round for Hover, the US-based creator of a software platform for home data analysis.
The round included GV, a subsidiary of internet and technology group Alphabet, as well as home renovation services provider Standard Industries, insurance software producer Guidewire, Menlo Ventures and Alsop Louie Partners. State Farm invested through its State Farm Ventures vehicle.
Hover’s app allows home renovators to measure, design and estimate the parameters of a design project and build realistic 3D models. It can also be used by insurers to estimate policies more accurately.
Nick Seminara, Travelers’ chief claims officer, said: “It is important to us that we provide our customers with the best possible experience, and Hover’s technology helps us to do that by creating a simpler, faster and more transparent claims process.
“We see a tremendous opportunity for Hover in the insurance industry, and we are pleased to continue our partnership and invest in their future.”
The round valued Hover at $490m post-money, according to TechCrunch, and it took the company’s funding to $147m since it was founded in 2011.
Menlo Ventures led a $25m series C round for Hover in April 2019 that included Standard Industries and GV. The latter had led its $25m series B in early 2018, investing with Standard Industries and home improvement retail chain Home Depot.
Alsop Louie Partners was among the company’s earlier investors, as were Almaz Capital and Maverick Investments.
