US-based insurance marketplace for automotive retail industry DealerPolicy has raised $110m in Series C funding round.
The round was led by Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs).
The company’s existing investors including 3L Capital and Hudson Structured Capital Management also participated in the latest funding round.
DealerPolicy plans to use the funds to drive the growth of its next-generation finance and insurance (F&I) offerings and increase investments in strategic partnerships.
Additionally, it will expand operations to develop and integrate insurance throughout the entire car shopping and ownership process. It also plans to triple its product and engineering teams over the next 12 months.
Under the agreement, Goldman Sachs’ Paul Pate will join the firms’ board of directors.
DealerPolicy, which connects car buyers with insurance quotes, is licensed to operate in the lower 48 US states and claims to have written over $200m in premiums since 2016.
Paul Pate, a vice president in the Growth Equity business within Goldman Sachs Asset Management said: “DealerPolicy has successfully pioneered the assimilation of personal insurance into the automotive retail process, in a unified and compliant manner.”
“We’re thrilled to support the DealerPolicy team as they continue to transform the purchase of cars and insurance.”
DealerPolicy co-founder and CEO Travis Fitzgerald said: “We started the company with the vision of providing a more convenient, transparent, and connected car-buying experience.”
“The funding comes at a time when we’re seeing mainstream adoption of automotive insurance into dealer sales and F&I processes driven by consumer desire for new dealership practices.”
Earlier this year, DealerPolicy raised $30m in a Series B funding round.