Insurify, a Cambridge, MA-based virtual insurance agent and comparison platform, raised $100M in Series B funding.
The round was led by Motive Partners with participation from existing investors Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, Moneta VC, as well as new investors Viola Growth and Fort Ross Ventures.
The company intends to use the funds to expand its operations and accelerate its growth initiatives. This includes:
- further scaling and diversifying its product suite through expanding its direct quoting integrations across all insurance verticals,
- pursuing more embedded insurance opportunities,
- expanding product functionality to deepen its relationship with new and existing customers beyond the point of purchase,
- strengthening brand awareness, and
- increasing hiring efforts.
This is the most recent development for the fast-growing company, which has raised a total of $128M to date, has grown its new and recurring revenue by 6x since its Series A funding in Q4 of 2019, and has achieved a CAGR of 151% for the last three years.
Founded in 2013 by Snejina Zacharia, CEO, Insurify provides a tailored insurance purchasing experience where customers can instantly compare accurate auto, home, and life insurance quotes from both large and regional companies through real-time integrations and AI-powered recommendations and get an instant purchase experience. The company recently launched its first two embedded insurance products through major partnerships with Toyota Insurance Management Solutions and Nationwide, the latter of which also participated in the funding round.