DealerPolicy, a Burlington, VT-based insurance marketplace for automotive retail, raised $110m in Series C funding.
The round was led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) with participation from existing investors 3L Capital and Hudson Structured Capital Management Ltd. (doing its re/insurance business as HSCM Bermuda). In conjunction with the funding, Goldman Sachs’ Paul Pate will join the company’s board of directors.
The company intends to use the funds:
- to further develop and embed modern day insurance throughout the entire car shopping and ownership experience,
- expedite the roll-out of its insurance distribution and fulfillment solutions with its major insurance carrier partners,
- triple its product and engineering teams over the next 12 months by hiring new talent and increase investments in strategic partnerships.
Led by CEO Travis Fitzgerald, DealerPolicy is a digital insurance marketplace for automotive retailers. The company’s mobile technology enables car-buyers to view multiple insurance quotes and purchase online and/or connect with licensed insurance agents to complete the process. With a combination of partnerships among premier automotive retailers and data providers, an insurance carrier network, and access to Insurance licensed agents, DealerPolicy is a licensed insurance agency, with licenses to operate in the lower 48 states.
Its network of over 1,000 dealers and more than 40 leading insurance carriers, have written over $200 million in total premiums for car-buyers nationwide since establishing the company in 2016.
FinSMEs
26/08/2021