A leading virtual insurance agent insurtech, Insurify, has raised US$100mn in its Series B funding round.
The Massachusetts-based comparison platform which was launched in 2013, saw the round led by Motive Partners - a specialist private equity firm focused on financial technology investments.
The funding drive also included new and existing investors, Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, Moneta VC, as well as new investors Viola Growth and Fort Ross Ventures.
Since its Series A funding, Insurify has expanded its home insurance marketplace and launched its first two embedded insurance products through major partnerships with Toyota Insurance Management Solutions and Nationwide.
The insurtech has also achieved 260% employee growth and established an office in Bulgaria, staffed by former members of SkyScanner’s engineering team.
Insurify growth strategy
Insurify has experienced 2.5x year-over-year revenue growth, enabling many customers to instantly cut costs during the pandemic.
The new funding brings the total amount of investment in Insurely to $128mn. The company has grown its new and recurring revenue by 6-fold since its Series A funding in Q4 of 2019, and has achieved a CAGR of 151% for the last three years.
Insurify has said the funds will be used to expand its operations and accelerate its growth initiatives. These include additional scaling and expanding the company’s current product lines into new markets as well as growing its direct quoting integrations across all insurance verticals, pursuing more embedded insurance opportunities.
The new capital will also support a staff hiring drive to drive forward Insurely’s expansion plans.
Insurify’s CEO and founder Snejina Zacharia, was formerly an executive at Gartner. She was inspired to launch the marketplace following an inefficient car insurance shopping experience where she had only two options: either spend hours on the phone with an agent or spend hours on lead generation websites that returned no quotes.
Insurify currently provides a virtual insurance agent with real-time quotes and the ability to buy insurance the way customers want, over the phone or online.
Speaking about the latest investment round, she explains, “Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry. We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product.
“We’re very excited to partner with our investors to continue building a trusted brand loved by millions of customers and achieve our growth targets. The industry is accelerating its shift towards digital insurance brokerage, and Insurify is leading the charge.”