Hippo, a Palo Alto, Calif.-based insurtech company for the home insurance market, raised $100m in Series D funding.
The round, which brings total funding raised to $209m, was led by Bond, the global technology investment firm founded by Mary Meeker, Mood Rowghani, Noah Knauf and Juliet de Baubigny, with participation from Comcast Ventures, Felicis Ventures, Fifth Wall, Hillhouse Capital, Horizons Ventures, ICONIQ Capital, Lennar Corporation, Michael Ovitz, Pipeline Capital, Propel Venture Partners, RPM Ventures, Standard Industries, and Zeev Ventures.
The company intends to use the funds to:
– accelerate the expansion of its geographic footprint to more than 80 percent of the U.S. homeowner population by the end of the year,
– deepen its direct-to-consumer product portfolio, and
– grow the distribution network of industry partners.
Founded in 2015 by Assaf Wand and Eyal Navon, Hippo allows homeowners to get a quote, purchase home insurance online, and obtain smart coverage. This includes protection for possessions like appliances, consumer electronics and home offices.
The company’s data-driven pricing and real-time underwriting analyzes public data sets, from municipal building records to satellite imagery of physical property characteristics, to develop an accurate profile of a customer’s property, resulting in qualified customers receiving a tailored and accurate quote and reduced premium costs.
In addition to its direct-to-consumer and insurance industry partners, Hippo has built an extensive partner distribution network, including homebuilders like Lennar, lenders like Better.com, homeowner insurers like First American Property & Casualty Insurance Company and key brands within the Connected Home like Xfinity.
The company also has offices in Dallas and Austin, TX.