Hippo Enterprises, a Palo Alto, Calif.-based home insurtech company, closed a $150m Series E funding, valuing its business at $1.5 billion post-financing.
Backers included new investors FinTLV, Ribbit Capital, Dragoneer and Innovius Capital and existing investors BOND, Comcast Ventures, Felicis Ventures, Fifth Wall, Horizons Ventures, ICONIQ Capital, Innovius Capital, Lennar Corporation, Pipeline Capital, Propel Venture Partners, RPM Ventures, Standard Industries, and Zeev Ventures, as well as large international hedge funds and family offices.
The company intends to use the funds to accelerate expansion, make key hiring additions, invest in its technology operations and make a proposed acquisition of a national insurance carrier.
Led by Assaf Wand, Co-founder and CEO, Hippo Enterprises provides a home insurance products which come with a smart home device kit and coverage for possessions like appliances, electronics and home offices. With insurance products available to over 70 percent of homeowners in the U.S., Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. In the past 12 months, the company has grown its total written premiums to $270 million, growing at 140 percent YoY. Hippo also has offices in Austin and Dallas, Texas.