(Photo credit: AngMoKio.)
Insurance comparison and purchasing site CoverHound (San Francisco) has raised $33.3 million in a Series C funding round led by major P&C company ACE Group (Zurich). This round brings the company’s funding total to over $53 million. This round of financing also included CoverHound’s existing investors RRE Ventures, Blumberg Capital, Core Innovation Capital, Route 66 Ventures, and American Family Ventures, the venture capital arm of American Family Insurance (Madison, Wisc.).
CoverHound will use the new capital to continue to invest in talent acquisition to further enhance its digital insurance platform and to introduce new, innovative product offerings for small businesses and entrepreneurs, according to a company statement. CoverHound, which reports over 168% in new customer policy growth in 2015, elaborated that it would use its funding through the following: in the following areas:
- Innovative new digital products: As CoverHound insurance product offerings continue to evolve, expansion into small business and commercial insurance is an ideal growth opportunity for the company.
- New hires: CoverHound is aggressively hiring in both of its U.S. locations in San Francisco and Westlake Village, CA. Key areas for employee growth include product management, engineering, and licensed P&C insurance agents.
- Expanding insurance carrier options: After recently extending its carrier offerings to include The General, MetLife, Mapfre, Century National, and Stillwater, new insurance carriers will continue to be added to the platform to increase consumer choice.
- Expanding marketing partnerships: After successfully launching its partnership with Google Compare in March of 2015, CoverHound continues to expand this partnership into new states, and will add more high profile marketing partnerships in the months ahead to continue to reach targeted insurance shoppers.
“Since inception, we’ve been focused on insurance innovation through offering the fastest and smartest way to compare and purchase P&C Insurance,” comments Keith Moore, Chief Executive Officer of CoverHound. “This firm commitment to both the comparison shopping experience and the insurance purchasing process has proven to be a unique differentiator that our valued carriers and marketing partnerships count on as CoverHound continues to effectively scale.”