Insurify raises $100 million
Insurance comparison site Insurify has closed $100 million in Series B funding led by Motive Partners, a specialist private equity firm focused on financial technology investments. The round included participation from existing investors Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, Moneta VC, as well as new investors Viola Growth and Fort Ross Ventures. To date, the company raised $128 million.
Founded in 2013, the Cambridge, MA-based company currently features auto, home and life insurance on its site. Customers can instantly compare insurance quotes from both large and regional insurance companies through real-time integrations and AI-powered recommendations.
“Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry. We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product. We’re very excited to partner with our investors to continue building a trusted brand loved by millions of customers and achieve our growth targets. The industry is accelerating its shift towards digital insurance brokerage, and Insurify is leading the charge.” – Snejina Zacharia, founder and CEO of Insurify.
“Insurify is bringing cutting-edge digital distribution technology to the insurance market, a $2 trillion industry in the United States alone. Insurify is already growing rapidly and the new round of investment will allow the company to accelerate its investment in enriching their existing services and extending their reach to additional insurance products. We look forward to partnering closely with Snejina and the Insurify team, and leveraging Motive Partners’ resources in technology and innovation, to capitalize on this unique market opportunity.” – James O’Neill, Founding Partner at Motive Partners.
Key investors in this round were the Viola FinTech and Viola Growth funds from the Viola group. Viola FinTech also previously participated in Insurify’s Series A funding round. “We are excited to join our sister fund Viola FinTech and to deepen Viola Group’s involvement in the company and the space. We were super impressed by Insurify’s ability to deliver a frictionless purchasing experience that customers expect while tackling the unique challenges facing the modern industry. With comparison shopping only growing, Insurify’s embedded insurance products can improve efficiency, satisfaction, and market penetration in insurance.” – Harel Beit On, founder and General Partner at Viola Growth.