US-based insurance marketplace Policygenius has secured $125m of new growth capital in Series E round.
The latest investment brings the total amount raised to more than $250m.
The company’s existing backers such as KKR, Norwest Venture Partners and Revolution Ventures among others participated in the round.
New investors included North American annuity and life insurance carriers such as Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial and Pacific Life.
Policygenius also received a new credit facility from ORIX Corporation USA’s Growth Capital group to fuel growth.
As an online insurance marketplace, Policygenius enables consumers to compare and purchase insurance.
Since its founding in 2014, the platform has helped more than 30 million people select insurance.
Last year, Policygenius wrote $40bn of new life insurance coverage.
The company plans to utilise the new proceeds to further bolster its core businesses of life, disability, home, and auto insurance.
It will also work to support growth of newly launched Policygenius Pro offering.
Policygenius CEO and co-founder Jennifer Fitzgerald said: “Over the past eight years, we’ve invested in the critical areas of technology, operations, and product development to deliver the best outcomes for our customers, carriers, and distribution partners.
“With the support of our new and existing investors, we’re excited to expand our already-large reach across the trillion dollar insurance market.”