Consumer United Raises $52.5M in Financing

According to Todd Wallack of the Boston Globe (read here), Boston, MA-based online insurance agency Consumer United, Inc., raised $52.5m in equity and debt financing.

A $22.5m venture round was led by Spark Capital, which is in the effort of closing a $425m fund (read here) and Thayer Street Partners, which also provided a $30m credit line.

In conjunction with the funding, Josh Koplewicz (Thayer Street founder) and Mo Koyfman (Spark general partner) will join the company’s Board.

Founded in 2006 by CEO Justin Dangel, Consumer United  operates an online community that uses group buying power to negotiate deals on basic services (Personal Auto Insurance, Homeowners Insurance, Condo Insurance, Commercial Auto Insurance, Renters Insurance, Landlord Insurance, Umbrella Insurance, Motorcycle Insurance, Camper Insurance, Travel Trailer Insurance, Snowmobile Insurance, etc.) from providers including Travelers, MetLife, The Hartford, Safeco, Progressive, Infinity, 21st Century, Plymouth Rock, Bunker Hill, American Strategic Insurance, and Universal North America.

The company is hiring (read here).



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