Media group Hearst and insurance firms MassMutual and Nationwide participated in a $100m series B round closed by US-based insurance comparison site operator Insurify yesterday.
Private equity firm Motive Partners led the round and was joined by Viola FinTech and Viola Growth, both specialist funds managed by technology investment group Viola Group, as well as venture capital firms Moneta VC and Fort Ross Ventures.
MassMutual Ventures and Hearst Ventures invested in the round on behalf of MassMutual and Hearst respectively.
Insurify runs an online comparison site for automotive, home and life insurance products. It claims that over $170m of insurance policies have been purchased through its platform to date.
Snejina Zacharia, founder and CEO of Insurify, said: “Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry.
“We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product.”
The series B funding will go towards the expansion of Insurify’s operations and the acceleration of its growth plans.
Insurify has raised $128m of funding since it was founded in 2013, including a $23m series A round in January 2020 that was co-led by VC firm MTech Capital and Viola Fintech and backed by Nationwide’s corporate venturing unit, Nationwide Ventures, in addition to Hearst Ventures and MassMutual Ventures.
MassMutual Ventures and Nationwide Ventures also contributed to a $4.6m round in 2017 that followed $2m of seed funding from Rationalwave Capital Partners the year before.