EverQuote Inc., a Cambridge, MA-based insurance marketplace, closed a $23m Series B funding round.
The round was led by Maryland-based Savano Capital Partners, with participation from Stratim Capital, Oceanic Partners and T Capital Partners.
The company intends to use the funds to accelerate sales expansion and product development.
Founded in 2011 by CEO Seth Birnbaum, EverQuote utilizes proprietary technology and data to match, advise and connect insurance shoppers with carriers and agents, both online and offline. The customer base includes many of the largest U.S. underwriters, and over 5,000 insurance agencies.
In 2016, the company launched EverDrive, a free iOS and Android safe driving app which allows consumers to identify and correct their driving habits.
Since inception, the company has grown to 5 million consumer visits per month and made over 50 million referrals which, they say, result in over $3 billion of premiums for carriers and agents and an estimated $500 million in savings for consumers.