US-based online insurance broker PolicyGenius has raised $30m in a series C round featuring the corporate venturing units of insurance companies Axa, MassMutual and Transamerica.
Joining Axa Strategic Ventures, Transamerica Ventures and MassMutual Ventures were Norwest Venture Partners, which led the round, as well as Karlin Ventures, Revolution Ventures, Susa Ventures and Fika Ventures.
Founded in 2014, PolicyGenius offers users instant online quotes and advice relating to life, health, renter, pet and disability insurance.
The company will use the capital to grow its product lines, recruit new staff and expand its commercial partnerships. Parker Barrile, partner at Norwest Venture Partners, will join PolicyGenius’ board.
A new commercial arrangement has also been announced with online lending exchange platform LendingTree, which will now offer PolicyGenius life insurance platform to its clients.
PolicyGenius has secured $52m in funding to date, most recently obtaining $15m in series B funding from AXA Strategic Ventures, Transamerica Ventures and MassMutual Ventures as well as Revolution Ventures, which led the round, Susa and Karlin.
In 2015, PolicyGenius raised $5.3m in a series A round co-led by Karlin and Susa. The series A round was also backed by Transamerica Ventures and AXA Strategic Ventures.