Insurtech startup Policygenius, with HQ2 in Durham, raises $100M
NEW YORK — Policygenius, an insurtech startup with its second headquarters based in Durham, announced today $100 million in Series D funding led by global investment firm KKR.
Existing major investors in the company, including Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the round.
Since raising its $30 million Series C round in early 2017, Policygenius has grown annualized revenues to $60 million, a 10 times increase.
Policygenius said it will use the investment for hiring and for broader consumer financial protection products it will unveil in 2020.
Founded by Jennifer Fitzgerald and Francois de Lame in 2014, Policygenius provides a digital experience for consumers to navigate the entire insurance buying process. It is one of the fastest-growing life insurance distributors with $45 billion in life coverage issued to date.
In 2019, Policygenius launched a new property and casualty insurance offering, which scaled to more than $10 million in revenue in less than 12 months. It also added about 180 new employees and opened a second headquarters in Durham, North Carolina.
“Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide. But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely,” said Jennifer Fitzgerald, CEO and co-founder at Policygenius, in a statement. “With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”
“With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime,” added Allan Jean-Baptiste, at KKR. “Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”