US-based insurtech Super, which offers subscription services for home care, has raised $50m in a Series C round led by new backer Wells Fargo Strategic Capital (WFSC).
Asahi Kasei, AAA – Auto Club Group, Gaingels – all new investors- also participated in the round.
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REACH, a growth accelerator created by technology fund Second Century Ventures backed by the National Association of REALTORS, was another new investor participating in the fundraising.
Aquiline Technology Growth, Liberty Mutual Strategic Ventures, Moderne Ventures and the HSB Fund of Munich Re Ventures were the existing backers joining the round.
Super co-founder and CEO Jorey Ramer said: “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.”
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By GlobalDataSuper plans to ramp up its growth plans with the fresh funds.
These plans include hiring, market expansion along with expansion of its service suite, and technology development through measures such as utilisation of AI.
The latest infusion takes the San Francisco-based insurtech’s total capital raised so far to $80m.
In April 2019, Super secured $20m in funding through a Series B round led by Aquiline Capital Partners’ venture platform Aquiline Technology Growth (ATG).
Currently, Super offers services in Austin, Baltimore, Chicago, Dallas, Houston, Phoenix, San Antonio, and Washington, D.C.
WFSC Principal Technology Investments Group managing director Matthew Raubacher said: “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.”
Recently, another San Francisco-based insurtech Ethos secured $200m in a Series D round led by General Catalyst. The fundraising takes the life insurance-focused company’s valuation to $2bn and its total capital raised so far to $300m.
