Goji (Boston) has announced that it has concluded a $15 million investment round led by Hudson Structured Capital Management Ltd. (dba HSCM Bermuda) for its online home and auto insurance distribution platform. The investment will be used to expand the salesforce and build-out consumer-facing technology, according to a Goji source.
Goji describes its offering as a data-driven home and automobile insurance platform enables agents to seamlessly match the optimal coverage needs of its preferred buyers with Goji’s integrated network of more than a dozen insurance carriers. “Goji’s customers, in effect, access an online insurance concierge service that yields personalized, real-time, valued-based quotes designed to fit their individual coverage requirements,” a company statement says.
Founded in 2007 as Consumers United, the company rebranded itself as Goji in 2014, adopting a strategy that targets the online buying characteristics of its preferred customer market. The company has expanded its sales force of insurance agents and customer service representatives who interact, one-on-one, with buyers. The company is currently a licensed insurance agency in 41 states.
“Goji has a leading-edge platform that enables the right online distribution model for the insurance industry today,” comments Peter Breitstone, Goji’s recently-appointed CEO. “It leverages data and analytics with its smart technology to target loyal customers, building a valuable book of business. We are experiencing impressive growth as we identify and convert more preferred buyers online.”
‘Next Step in How Insurance Is Sold’
“Goji is a leader in the technological transformation of the distribution of insurance,” remarks Vikas Singhal, partner, HSCM Bermuda. “We believe they have built a platform that represents the right next step in the evolution of how insurance will be sold: a hybrid online and offline model. We believe Goji’s unique strategy will show substantial growth that extends beyond just the markets they currently operate in.”
The partnership with HSCM Bermuda brings on an investor with a demonstrated sophisticated knowledge of insurance along with strong access to the insurance and reinsurance markets,” observes Matt Coffin, Executive Chairman, Goji. “We’ve already identified several opportunities to continue to expand Goji’s business and are looking forward to exploring additional ways to strategically partner with HSCM Bermuda’s business and leverage their resources for our mutual benefit.”
Financial Technology Partners LP and FTP Securities LLC (together, “FT Partners”) served as strategic and financial advisor to Goji in this transaction, Goji reports. “We have been closely following the InsurTech space for some time now and are truly excited about Goji as an innovator in the insurance distribution space,” comments, Steve McLaughlin, Founder & Managing Partner, FT Partners. “We are big believers in the management team and investor base assembled here and think the future for Goji is very bright. We look forward to continuing to work with the company in the future as its long-term advisor.”
“HSCM Bermuda has a long-standing working relationship with members of Goji’s management team and Board,” comments Michael Millette, Managing Partner of HSCM Bermuda. “We’re excited about how our partners will help take Goji to the next level.”
Goji’s existing investors include Thayer Street Partners, Coffin Capital & Ventures, and Five Elms Capital, a Kansas City-based growth capital investment firm focused on technology companies.