- Policygenius, a leading online marketplace for comparing and purchasing insurance, announced it raised $100 million in Series D.
Policygenius — a leading online marketplace for comparing and purchasing insurance founded by Jennifer Fitzgerald and Francois de Lame — announced recently that it raised $100 million in Series D funding led by KKR. And existing major investors in the company, including Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures, and Transamerica Ventures, also joined the round.
Since Policygenius raised its $30 million Series C round in early 2017, the company grew its annualized revenues to $60 million — a tenfold increase. With this round of funding, Policygenius will increase its hiring and grow its broader consumer financial protection products.
How does Policygenius work? Policygenius provides a digital experience for consumers to navigate the entire insurance buying process. And Policygenius has built integrations with trusted insurance carriers and industry-leading technology for quoting, underwriting, and fulfillment.
“Our technology platform delivers a seamless and easy experience for comparing, buying, and switching insurance at scale nationwide. But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely,” said Fitzgerald. “With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”
Ever since Policygenius launched, the company’s proprietary technology and in-house operations have delivered impressive growth. And Policygenius is known as the fastest-growing life insurance distributor with $45 billion in life coverage issued to date.
“With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime,” added Allan Jean-Baptiste, Principal of TMT Growth Equity at KKR & Co. L.P. “Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”
Last year, Policygenius launched a new property and casualty insurance offering, which scaled to over $10 million in revenue in less than 12 months. And consumers can shop for several types of insurance, including life, home, auto, disability, and renters.
Due to its rapid growth, Policygenius added around 180 new employees and the company opened a second headquarters in Durham, North Carolina in 2019.
“We are thrilled to be working with Jennifer, Francois and their dedicated team as they continue to transform consumer financial protection,” added Jake Heller of KKR Growth.
KKR is going to be making its investment through its Next Generation Technology Fund II, which recently held its final close.
Jean-Baptiste and Heller will be representing KKR on Policygenius’ Board of Directors.
