US-based automotive insurance comparison service Insurify has secured $23m in series A funding from investors including media group Hearst and insurance firms MassMutual and Nationwide.
The round was co-led by venture capital firm MTech Capital and Viola Fintech, a specialist fund managed by technology investment group Viola Group, while the corporates took part through Hearst Ventures, MassMutual Ventures and Nationwide Ventures respectively.
Founded in 2013, Insurify runs an online platform that allows users to compare automotive insurance packages from a range of providers. The funding will support its expansion into neighbouring areas such as life, home and renters insurance.
MassMutual Ventures and Nationwide Ventures took part in a $4.6m round for the company in 2017 that came in the wake of $2m in seed funding from Rationalwave Capital Partners the previous year.
Insurify’s chief executive and co-founder, Snejina Zacharia, said: “Our mission is to make insurance shopping transparent and to empower everyone to make insurance decisions on their own without the help of an agent, where incentives are rarely aligned.”