US-based insurance distribution platform developer Policygenius completed a $125m series E round yesterday featuring insurers Axa, Brighthouse Financial, Global Atlantic Financial, IA Financial, Lincoln Financial, Massachusetts Mutual Life and Pacific Life.
KKR, Norwest Venture Partners (NVP) and Revolution Ventures also took part in the round, which included a credit facility from financial services provider Orix Corporation USA’s Growth Capital subsidiary and the refinancing of an existing senior loan facility with JPMorgan.
Axa and MassMutual invested through Axa Venture Partners (AVP) and MassMutual Ventures (MMV) respectively. The round took the company’s total funding to approximately $276m.
Founded in 2014, Policygenius has built a digital marketplace that helps users compare and buy insurance policies from multiple service providers. It claims it has helped facilitate billions of dollars in coverage for more than 100,000 families.
AVP and MMV had joined Transamerica Ventures, part of insurance provider Aegon, in a $100m series D round disclosed by Policygenius in early 2020. It was led by KKR’s Next Generation Technology Fund II and backed by NVP, Revolution Ventures and Susa Ventures.
The company had received $30m in a 2017 series C round led by NVP that included AVP (then called Axa Strategic Ventures), MMV, Transamerica Ventures, Susa Ventures, Karlin Ventures, Revolution Ventures and Fika Ventures were all among a $30m series C round in 2017.
Revolution Ventures led a $15m series B round for Policygenius in 2016 and included Axa Strategic Ventures, Transamerica Ventures, MMV, Susa Ventures and Karlin Ventures. The last two had co-led its $5.3m series A, in 2015, which also featured Axa Strategic Ventures and Transamerica Ventures.
Image courtesy of Policygenius Inc.
