Insurtech firm raises $40 million in Series B funding

Firm seeks to add new lines of insurance, expand staff, and build its brand

Insurtech firm raises $40 million in Series B funding

Technology

By Paolo Taruc

Auto insurance comparison marketplace The Zebra has raised $40 million in Series B funding as it seeks to gain more users and expand into new markets.

“From day one we set out to make insurance ‘black and white,’ and our team is making a huge impact in driving this industry forward,” said founder and chairman Adam Lyons. The funding round was led by Accel Partners, and marks one of its first insurance investments in the US.

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Keith Melnick, former president of travel metasearch engine KAYAK has joined the insurtech company as its CEO.

“There is no shortage of interest in the insurance space right now, and we felt Accel was the right partner and aligned with our vision of creating something big. When we met Keith [Melnick], we knew instantly that we found the talent to help take this company to new heights,” said Lyons.

The Series B brings the firm’s funding total to $61.5 million. According to its figures, the firm provides millions of insurance quotes every month. It searches more than 200 auto insurance companies to give consumers the means to find their preferred coverage. It has also partnered with 80% of the top 25 auto insurance companies, and offers educational resources to customers.

The Zebra aims to use the $40 million to expand product functionality, adding new lines of insurance, grow both staff and partnerships to expand its reach, and make investments in brand-building and other marketing efforts.

“Insurtech is exploding, bringing concepts like peer-to-peer insurance and pay-per-mile models in front of consumers,” co-founder and COO Joshua Dziabiak said. “Our role is to serve as the online marketplace where these innovations are made available to consumers. The vision is for consumers to be able to learn about, search and compare their options, and then purchase and manage their insurance coverage – all in one place.”


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