CoverHound, a San Francisco, CA-based platform for consumers to find, compare and purchase insurance policies, raised $14m in Series B financing.
Backers included existing investors RRE Ventures, Blumberg Capital and Bullpen Capital and new investors Core Innovation Capital, Thomas Lehrman, Tugboat Ventures, Route 66 Ventures and American Family Ventures. In conjunction with the funding, Arjan Schütte, Managing Director at Core Innovation Capital, and Ryan Katz, General Partner at Route 66 Ventures, joined CoverHound’s Board of Directors.
The company, which has raised over $20m in funding, intends to use the funds for carrier growth and integrations with large marketing partnerships like Google Compare, a financial research tool launching in select states in the months ahead.
Led by Keith Moore, CEO, CoverHound allows consumers to find, compare and purchase insurance policies. Currently, the platform offers auto, homeowners, renters and motorcycle insurance from 21 carriers, 17 of which are auto insurance specific. Users can get personalized quotes and purchase a policy quickly.
The company, which employs a team of licensed insurance agents who help customers choose the right policy to fit their needs, will hire additional engineers at its San Francisco office and more staff for its insurance agency operations center in Southern California.
Since launching in June 2012, CoverHound has sold more than 26,000 policies.