California-based startup Hippo Insurance has raised $70 million in Series C funding.
The round was led by Felicis Ventures and Lennar Corporation. Other participants in the round included Comcast Ventures, Horizon Ventures, Fifth Wall Ventures, and GGV Capital.
The insurtech, which leverages AI in order to drastically streamline the insurance quoting process, has raised $109 million in funding, to date.
Hippo co-founder and CEO Assaf Wand said he was inspired by his father’s insurance career.
“I was born into insurance,” Wand explained to TechCrunch in an interview. “Now, the entire real estate ecosystem is changing and the industry is massive. We are getting a crazy good challenge. We think the sky’s the limit with this thing.”
Founded in 2015 by Wand and Eyal Navon, Hippo is the latest company to enter the emerging insurtech space. This year alone, Hippo has expanded into 10 new states, and the company’s sales have grown 30% month-over-month since January.
“Hippo has set the bar for the future of insurance with its fully automated, proprietary policy management and proactive underwriting,” commented Felicis Ventures managing director Victoria Treyger in a statement.
“Insurance is the next big sector to undergo the dramatic transformation of customer experience and improved risk management enabled by access to real time data,” Treyger continued. “We see Hippo’s current growth rate and efficient automated policy management system as just the beginning of driving this transformation.”
Following the funding round, Treyger will join Hippo’s board of directors.