Super raises $50 million
Super, “an insurtech company that provides subscription care for the home,” announced the closing of $50 million in an “oversubscribed” Series C round of funding. New investor Wells Fargo Strategic Capital led the round, bringing Super’s total funding to date to $80 million. Other new investors include Asahi Kasei, AAA – Auto Club Group, Gaingels, and REACH, a technology scale-up program created by Second Century Ventures, the NATIONAL ASSOCIATION OF REALTORS®’ strategic technology investment fund. Existing investors Aquiline Technology Growth, Liberty Mutual Strategic Ventures, Moderne Ventures and the HSB Fund of Munich Re Ventures also participated.
Founded in 2015, Super initially positioned itself as a “care and repair” startup for the home. Now, the startup considers itself as an insurtech company on a mission to reinvent the home warranty space. “With a data platform that captures more data on the home, on service providers, and on homeowners, Super has made impactful improvements in coverage, fraud prevention, and automation—from upfront scheduling through claim approval and service delivery.”
Super still offers three subscription options, but is has increased the prices since 2019.
One of the drivers behind Super’s growth is partnerships in the real estate industry.
“Wells Fargo embraces innovation, and we’re excited to support a tech-forward platform like Super which brings further advancement to the home services market. The challenges of ongoing repairs and maintenance resonates with every homeowner, and Super provides an experience that is convenient for the customer, while boosting job visibility for local contractors and businesses. We look forward to seeing them continue to widen their geographic footprint and expand their product offering.” – Matthew Raubacher, managing director for WFSC’s Principal Technology Investments Group.
“Building a full-stack insurtech business has put us in a unique position to create a vastly superior customer and servicer experience because we have greater control over our product and operations. Data and technology are critical to delivering this experience and give us a better understanding of the home, and the best way to address expected work and costs.” – Jorey Ramer, co-founder and CEO, Super.
“Super is the first modern home care solution that we have worked with that leverages data and technology—a game-changer for homeowners seeking to protect their greatest investment with a provider who handles the work for them. Our relationship with Super helps us provide better care and increased overall value for our agents and clients. Super’s innovative approach adds ease and intelligence to the home ownership experience.” – Joni Meyerowitz, COO of residential brokerage firm @properties.