US-based insurance automation app developer Gabi Insurance has raised $27m from investors including insurer Cuna Mutual and financial services firms Securian and Northwestern Mutual, VentureBeat reported yesterday.
The round was led by Abu Dhabi sovereign wealth fund Mubadala Investment’s Mubadala Capital unit and also featured Canvas Ventures, Correlation Ventures, A.Capital Ventures, Project A, Burst Capital and AngelList.
Northwestern Mutual, Cuna and Securian participated through corporate venture capital vehicles Northwestern Mutual Future Ventures, CMFG Ventures and Securian Ventures respectively.
Gabi has created an online platform that uses artificial intelligence to automate the process of insurance shopping, offering insights into how home and automotive insurance policies are calculated.
Users can upload their existing policies and the platform digitally compares them to products from more than 40 insurance providers in order to help them save money.
Canvas Ventures led the company’s last round, a $9.5m series A in early 2018 featuring Northwestern Mutual Future Ventures, Securian Ventures, Correlation Ventures, A.Capital Ventures and Project A.
A.Capital Ventures, Project A and SV Angel had already supplied $2.5m in seed capital for the company the previous year.
