Investments

Policygenius Notches $100M For InsurTech Growth

Policygenius Notches $100M For InsurTech Growth

As it aims to invest in adding products and hiring more staff, InsurTech firm Policygenius notched $100 million from investors, with the inclusion of KKR & Co. as well as venture capital operations powered by Massachusetts Mutual Life Insurance Co., Transamerica and Axa SA. The company, which launched in 2014, has $60 million in annual revenue, Bloomberg reported.

Last year, the company added a second headquarters in North Carolina to join its New York location. CEO Jennifer Fitzgerald said the firm isn’t focused on an exit path through a sale or stock market offering, but has its eye on growth. Fitzgerald said, per the report, “The company has reached an inflection point where it made sense to throw the proverbial fuel on the fire.” She added that the funding will “accelerate the very strong growth we were already seeing over the last three years.”

KKR’s Allan Jean-Baptiste and Jake Heller will become part of the firm’s board with the new infusion.

There has been a recent trend of investors backing insurance-related companies. Approximately $4.36 billion was invested into InsurTech companies in the first three quarters of 2019, per Willis Towers Watson Plc. Per the report, Deloitte noted that outside investors are more geared toward funding rounds in the later stages.

In separate news, insurance purchasing and management platform Huckleberry notched $18 million in a Series A funding round in December led by Tribe Capital, with participation from Crosslink Capital, Uncork Capital and Amaranthine.

Huckleberry provides a paperless, digital insurance platform for small and medium-sized businesses (SMBs). Small business owners can receive a price quote in under five minutes for coverage for general liability, workers’ compensation and more.

The new funds will be used to grow the Huckleberry insurance products through sectors such as auto repair, personal care and restaurants. They will also help the company scale its data science, engineering and marketing efforts.

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