Matic – a leading embedded insurtech platform – recently announced it raised $20 million to extend its Series B. This funding round includes $17 million in Series B equity co-led by IA Capital Group and Cultivation Capital with participation from existing investors and the majority led by new investors, including Intuit Ventures, TruStage Ventures, and Assurity Ventures. At the same time, Matic upsized its credit facility by $3 million, bringing new liquidity to $20 million.
The funding round was underscored by Matic doubling its valuation since its 2020 Series B raise and track record of averaging over 100% revenue growth over the past five years. And Matic has improved its bottom line by 60%+ over the last year, driven by its highly profitable, recurring revenue model.
Matic’s goal is to simplify the world of insurance. And the company is a digital insurance agency built for partners. Matic also integrates directly into the homeownership experience to help consumers save time and money on insurance and help partners generate a new revenue stream for their business.
Matic now partners with over 100 lenders, servicers, and banks that collectively process 20% of home loans in the U.S. – including five of the top 15 mortgage servicers and a top 10 global bank. Matic also recently won contracts from three competitive RFPs and is launching later this year with a top 10 U.S. bank and two top 25 mortgage companies.
New investors in the round include Intuit Ventures, TruStage Ventures, Assurity Ventures, Venice Investments, Bayshore Capital, among others. Additionally, existing investors participated in the round, including IA Capital Group, Cultivation Capital, Fenway Summer, MTech Capital, Nationwide Ventures, and Allstate Strategic Ventures.
The latest growth investment is going to support Matic in capitalizing on its market leadership as the embedded P&C insurance provider for mortgage and banking institutions and will be used to accelerate partnership expansion. And the digital insurance agency plans to invest in product optimizations to continue simplifying the insurance shopping experience through both digital and agent-assisted models. Plus, Matic will expand its carrier marketplace to address dynamic changes to carrier appetites due to severe weather events and ensure continued coverage across the U.S. Lastly, Matic plans to expand beyond P&C insurance and offer life insurance to provide comprehensive coverage solutions that meet the needs of its growing partners’ customer base.
“Despite the macroeconomic environment and challenging insurance market, Matic continues to profitably grow. The commitment from new and existing investors demonstrates Matic’s sustainable business model that thrives in all markets through partner-led growth. We are thrilled to partner with Intuit Ventures and be one of the first insurtechs joining their portfolio. This successful round is a testament to the hard work and dedication of the Matic team and I couldn’t be prouder of the business we have built together.”
— Ben Madick, CEO and Co-Founder of Matic
“Consumers want a simple, easy, and transparent experience when searching for home insurance. Matic’s insurance marketplace helps customers find the right coverage at the best price. Its ability to provide a seamless, embedded experience has made it a top insurance partner for mortgage companies and banks. We look forward to supporting their growth as they continue to simplify the world of insurance.”
— Adam Coccari, Managing Director at Intuit Ventures