Hippo, a Mountain View, CA-based home insurance company, raised $70m in Series C funding.
The round was co-led by Felicis Ventures and Lennar Corporation, with participation from Fifth Wall, and other existing investors.
The company will use the funds to accelerate growth while continuing to deliver a modernized home insurance product that includes an improved customer experience on a national scale.
Founded in 2015 by Assaf Wand and Eyal Navon and launched in 2017, Hippo allows homeowners to get a quote and purchase home insurance online quickly, saving up to 25% compared with traditional insurers, and obtaining protection for possessions like appliances, consumer electronics and home offices.
The company delivered over 800 product updates in 2018 alone and doubled its online conversion rate during the same time period, primarily aimed at solving the underinsurance problem more than half of the US homeowner population faces today.
Today, Hippo is accessible to more than 50 percent of the U.S. homeowner population, and that number is anticipated to grow to more than 60 percent by the end of 2018.
The series C investment brings the company’s total funding raised to $109m. The investor base also includes Abstract Ventures, Aquiline Technology Growth, Comcast Ventures, GGV Capital, Horizons Ventures, Munich Re Ventures, Pipeline Ventures, RPM Ventures and Zeev Ventures.