Two InsurTechs attracted new venture funding. One is an insurance comparison site, and the other an MGA that also offers an infrastructure-as-a-service software platform.
The Zebra, an insurance comparison site, has raised $38.5 million in new financing.
Accel led the financing, which also included other existing investors Silverton Partners, Daher Capital, Floodgate Fund, Ballast Point Ventures and The Zebra CEO Keith Melnick. Weatherford Capital also invested in the InsurTech’s Series C funding round.
Launched in 2012, The Zebra is based in Austin, Texas, and the company claims to have more than 1.3 million website visitors per month. The company touts its “real-time quote comparison tool” that helps users spot insurance companies with coverage, service level and pricing that suits their needs. The Zebra said it compares more than 100 insurance companies and also offers agent support and educational resources to help consumers make informed decisions about their home and auto insurance.
Boost Insurance has pulled in a $14 million funding round designed to expand its infrastructure-as-a-service platform designed for the insurance industry.
Coatue and Greycroft led the New York company’s Series A financing, which included participation from Tusk Venture Partners, Conversion Capital and MetLife Chairman Glenn Hubbard. Existing investors Norwest Venture Partners and IA Capital Group also took part.
To date, Boost has raised about $17 million, including the new funding, and the InsurTech plans to use the money to launch new business lines and expand its API services.
Boost bills its technology as propelling “white-labeled” insurance programs for tech companies and emerging startups. As well, its managing general agency subsidiary Boost Insurance Agency is licensed to sell insurance in all 50 states, backed by Markel Global Reinsurance, Renaissance Re and Nephilia.
Sources: The Zebra, Boost