- Hi Marley announced recently that it closed a $25 million Series B funding round. These are the details.
Hi Marley — the creators of the only intelligent communication platform built for the insurance industry by people who know insurance — announced recently that it closed a $25 million Series B funding round. The investment was led by Emergence Capital with founder and General Partner Gordon Ritter taking a seat on Hi Marley’s Board. Existing investors Underscore, True Ventures, Bain Capital Ventures, and Greenspring also participated in the round, along with additional investors including Brewer Lane Ventures.
How does Hi Marley work? Hi Marley makes it simple for insurance carriers to seamlessly communicate with policyholders via text to increase transparency and cut through inefficiencies. And by providing a smart SMS platform purpose-built for the insurance industry, inside of which the entire ecosystem of service providers can communicate, carriers delight customers, achieve faster time to resolution, and see financial results.
This round of funding comes at an inflection point for the insurance industry. Consumers have been enjoying a tremendous amount of choice in carriers and they have never had more power and ease to change with just a few clicks on their phones. People are also driving less so customers have been looking for products such as usage-based coverage to save money – which has squeezed the industry’s margins. As a result, the number of carriers using Hi Marley’s platform has doubled and the company has seen a 4x increase in the user base.
Hi Marley’s plans to use the funding round to create powerful new features, ensuring the platform scales across the enterprise, and adding to Hi Marley’s engineering, sales and customer success organizations, among others.
KEY QUOTES:
“Emergence is excited to partner with Hi Marley, as we believe their people, their vision, and their timing are uniquely situated to transform the insurance industry,” Ritter said. “Mike Greene and the Hi Marley team have the strong industry knowledge we look for in portfolio companies, and their passion for making insurance lovable is contagious.”
— Emergence Capital founder & General Partner Gordon Ritter
“Consumer’s expectations have accelerated; they demand easy, modern and transparent communications with their insurance providers. More so than ever, if it doesn’t meet those expectations, they simply take their business elsewhere. In response, carriers are working at an unprecedented pace to meet policyholders where they are – and we’re thrilled to help them get there faster. Our goals, which Gordon and the Emergence team are poised to help us achieve, are to continue to expand across the enterprise, with new ways to communicate while surfacing valuable insights that ultimately help insurers create more lovable experiences.”
— Mike Greene, CEO and co-founder, Hi Marley
