Home insurance startup Hippo has picked up $14m in a Series A round led by Horizons Ventures.
Funding for the Mountain View-based company also came from RPM Ventures, Propel Venture Partners, GGV Capital and Pipeline Capital.
A host of individual investors and entrepreneurs also participated.
The company aims to sell home insurance coverage online in a more transparent and costs-effective way by removing commissioned agents and selling directly to consumers.
Hippo CEO Assaf Wand said, “The home insurance industry hasn’t changed in decades and no longer reflects modern lifestyles.
“Today, many homeowners do not fully understand what their policies entail or what coverage they really need. Policies still cover old school items like pewter bowls, stock certificates and furs, but only provide $2,000 of coverage for home electronics.
“At Hippo, we make sure modern homeowners are fully covered through our online, transparent and affordable policies.”
The company will use the capital to further develop its product and marketing efforts.
Currently in a private BETA programme, Hippo has received regulatory approval by the California Department of Insurance to begin selling in the state and aims to launch the platform in early 2017.
Counting Facebook, Waze, Spotify and Siri among its previous investments Horizon Ventures’ Frances Kang said, “The insurance ecosystem has been overdue for innovation and disruption.
“In the days of technology, convenience and accountability, home insurance still isn’t easily available online, is overly complicated and requires people to go through agents.”
He added, “We believe Hippo will be a force to reconstruct the home insurance market, providing more transparency, efficiency and cost-savings and more importantly, peace of mind to consumers.”
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