Online insurance marketplace Policygenius raised $100 million in new financing. The company plans to use the money for hiring, to propel growth and for broader consumer financial protection products it will unveil in 2020.
“With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness,” Jennifer Fitzgerald, CEO and co-founder of Policygenius, said in prepared remarks.
The InsurTech, an independent insurance broker based in New York City, raised the money, in part from existing investors AXA Venture partners, Mass Mutual Ventures, Transamerica Ventures, Norwest Venture Partners, Revolution Ventures and Susa Ventures. Global investment firm KKR led the Series D round.
Policygenius raised $30 million in a Series C round in early 2017. The company claims that since that time, it now pulls in $60 million in annual revenue.
Founded by Fitzgerald and Francois de Lame in 2014, Policygenius has an online platform that helps people shop and compare insurance plans from a range of providers. It offers insurance products including homeowners, auto, renters, life and health insurance.
While the company initially focused on life insurance cover, it debuted a new property/casualty insurance offering in 2019, something the company said ramped up to more than $10 million in revenue in less than a year.
Policygenius now has a second headquarters in Durham, N.C., that opened in 2019.