(Jennifer Fitzgerald and Francois de Lame, founders of Policygenius. Source: Policygenius.)
Policygenius (New York/Durham, N.C.), an online market for personal lines and individual life, has announced $100 million in Series D funding led by global investment firm KKR. Existing major investors in the company, including Norwest Venture Partners (Palo Alto, Calif.), Revolution Ventures (Washington, D.C.), Susa Ventures (San Francisco), AXA Venture Partners (Paris), MassMutual Ventures (Boston) and Transamerica Ventures (New York), 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-fold increase. Policygenius says it will use the investment for hiring and for broader consumer financial protection products it will unveil in 2020.
Policygenius describes itself as the fastest-growing life insurance distributor ,with $45 billion in life coverage issued to date. In 2019, Policygenius launched a new property and casualty insurance offering, which the company reports has scaled to more than $10 million in revenue in less than 12 months. Consumers using the site can shop for several types of insurance, including life, home, auto, disability and renters. The company added about 180 new employees and opened a second headquarters in Durham, North Carolina in 2019.
“Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide,” comments Jennifer Fitzgerald, CEO and co-founder, Policygenius. “But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely. With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”
Enabling Customers to Manage their Relationships with Multiple Carriers
“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,” comments Allan Jean-Baptiste, Principal, 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.”
“We are thrilled to be working with Jennifer, Francois and their dedicated team as they continue to transform consumer financial protection,” adds KKR’s Jake Heller.
Policygenius reports that KKR will be making its investment through its Next Generation Technology Fund II, which held its final close earlier this month. As part of the funding round, Allan Jean-Baptiste and Jake Heller will represent KKR on Policygenius’ Board of Directors.