Digital insurance matchmaker EverQuote Inc. reports that it closed a $23 million Series B investment led by Maryland-based Savano Capital Partners, with participation from Stratim Capital, Oceanic Partners and T Capital Partners.
Cambridge, Mass.-based EverQuote said it will use the funding to increase its investment in sales and product development. It said the funds will afford the company greater flexibility to continue development of its personal risk marketplace.
Founded in 2011, EverQuote utilizes proprietary technology and data to match insurance shoppers with carriers and agents, both online and offline. The software recommends carriers based on the consumer’s risk profile and information on which carriers consumers with similar profiles have chosen in the past.
EverQuote handles five million consumer visits per month and has made 50 million referrals resulting in over $3 billion of premiums for agents and their carriers, according to its announcement.
EverQuote’s customer base includes large U.S. insurers Allstate, Farmers, State Farm, Nationwide, Mercury, Liberty Mutual and Progressive. It claims to have served 5,000 insurance agencies. The carriers pay EverQuote a fee when a consumer buys a policy.
This year EverQuote was named to the Inc. 5000 list of Fastest-Growing Private Companies for the third year in a row. The company’s three-year revenue growth of 208 percent and revenue of $96.7 million placed it at number 1793.
“We have experienced tremendous growth the past three years, and this funding will help EverQuote continue to grow quickly while we develop a unique personal risk marketplace for consumers and insurance providers,” said EverQuote CEO Seth Birnbaum. “There’s a vast opportunity in unifying our proprietary technology and data with information from increasingly connected consumers to become the trusted source for risk-related products and services online.”
Birnbaum said insurance carriers and agents are shifting advertising spending away from broad-based media to “measurable online channels.” He said EverQuote’s intelligence reduces the cost of customer acquisition.
In 2016, EverQuote launched EverDrive, a free iOS and Android safe driving app that helps consumers change bad driving habits. EverDrive is an attempt to create a safer driving population resulting in fewer claims and losses. The company calls EverDrive the “first step in its development of a personal risk marketplace to make consumers safer while saving money.”