Insurance comparison platform Insurify has raised $23m in the Series A funding round led by MTech Capital and Viola FinTech.

Nationwide, Hearst Ventures, and MassMutual Ventures also participated in the funding round.

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The new proceeds will help the company to support its expansion into home, renters and life insurance comparison.

Based in Massachusetts, Insurify was co-founded by husband-and-wife Snejina and Giorgos Zacharia as an AI-driven virtual insurance agent.

It allows the users to compare insurance products across various categories as well as provide smaller insurers with access to new customers.

Since its launch, the company has closed around 125,000 policies valuing more than $10bn of insurance coverage.

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Insurify co-founder and CEO Snejina Zacharia said: “Our mission is to make insurance shopping transparent, and to empower everyone to make insurance decisions on their own without the help of an agent, where incentives are rarely aligned.

“For the average American, saving a few hundred dollars a year is significant. We are changing people’s lives every day by helping them cut their monthly burden and also helping protect their families and loved ones.”

The platform is equipped with proprietary software RateRank that matches the user with the appropriate insurance companies based on their risk profiles.

Insurify allows consumers to compare insurances based on prices, benefits, customer service and reviews.

Furthermore, the consumers can track discounts available on a specific policy and buy certain policies directly from the site.