US-based insurance comparison marketplace Policygenius received $100m yesterday in a series D round featuring Axa Venture Partners, MassMutual Ventures and Transamerica Ventures, investing on behalf of insurers Axa, MassMutual and Aegon.
Investment firm KKR’s Next Generation Technology Fund II led a round that also featured venture capital firms Norwest Venture Partners (NVP), Revolution Ventures and Susa Ventures. It brought the company’s total funding up to $151m.
Policygenius runs an online platform that enables users to pick policies supplied by a range of insurance provider partners, handling quoting, underwriting and fulfilment. The cash will support recruitment and a planned addition of financial protection products to its offering.
Jennifer Fitzgerald, co-founder and chief executive of Policygenius, said: “Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide.
“But what we are exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely. With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”
Susa Ventures and Karlin Ventures co-led a $5.3m series A round for Policygenius in 2015 that included Transamerica Ventures and Axa Strategic Ventures. All four returned for the company’s $15m series B alongside MassMutual Ventures and Revolution Ventures the following year.
NVP subsequently led a $30m series C round in 2017 that was also backed by Axa Strategic Ventures, Transamerica Ventures, MassMutual Ventures, Susa Ventures, Karlin Ventures, Revolution Ventures and Fika Ventures.
