US-based insurance comparison service PolicyGenius has obtained $5.3m for a series A round featuring Transamerica Ventures and AXA Strategic Ventures, the investment vehicles of insurance providers Transamerica and AXA, respectively.
The round was co-led by Karlin Ventures and Susa Ventures and included existing angel investors.
Founded in July 2014, PolicyGenius enables users to identify gaps in their existing coverage and compare life, long-term disability, renters and pet insurance. The company’s Insurance Checkup technology is able to create a personalised quote for each user.
The series A funding will support PolicyGenius’ continued growth and development of its technology. The company will also hire more marketing and production staff.
PolicyGenius secured $750,000 in seed funding in from angel investors in July 2014.
The investment marks AXA Strategic Ventures’ first backing of a US-based company. AXA set up the $226m fund in February 2015.