17 Mar InsurTech Firm Policygenius Raises $125M
PolicyGenius, March 17, 2022.
Policygenius has raised $125 million in new growth capital, the InsurTech firm announced in a news release Thursday (March 17).
The company, based in New York City, said it will use the funds to to continue to invest in the growth of its core businesses of life, disability, home and auto insurance, along with new no-exam life insurance offerings and its Policygenius Pro offering.
The new funding brings the total capital raised by Policygenius to $225 million. The company took in $100 million in early 2020.
Read more: Policygenius Notches $100M For InsurTech Growth
“Over the past eight years, we’ve invested in the critical areas of technology, operations and product development to deliver the best outcomes for our customers, carriers, and distribution partners,” said Jennifer Fitzgerald, the company’s CEO and co-founder. “With the support of our new and existing investors, we’re excited to expand our already-large reach across the trillion dollar insurance market.”
Policygenuis said all of its major investors returned for this round, including KKR, Norwest Venture Partners and Revolution Ventures. New investors included annuity and life insurance carriers such as Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial and Pacific Life.
Founded in 2014, Policygenius’ platform lets consumers compare and purchase insurance. It has built integrations with some of the industry’s largest insurers and developed its own technology for quoting, fulfillment and underwriting.
The Policygenius Pro offering, launched earlier this year, opens the company’s life insurance platform to B2B partners.
Read more: French InsurTech +Simple Snags $98M for Expansion, Consolidation
This year has been a busy one so far for the InsurTech sector. Last week, French robo-broker +Simple announced it had raised $98.2 million and acquired three companies – French firm Alians, German firm Carl Rieck Assecuradeur and Italian underwriting agency Marintec – to help fuel its expansion.
In February, U.K.-based FinTech Vitesse secured $26 million to better connect with the growing digitization of the insurance sector across Europe and in the U.S. And in January, London-based cyclist InsurTech startup Laka secured more than 10.6 million pounds ($12 million) to advance its model.
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