American insurtech Hippo has closed a $150m Series E financing round, which included participation from new investors FinTLV, Ribbit Capital, Dragoneer and Innovius Capital and existing backers.

Existing investors are BOND, Comcast Ventures, Felicis Ventures, Fifth Wall, Horizons Ventures, ICONIQ Capital, Innovius Capital, Lennar Corporation, Pipeline Capital, Propel Venture Partners, RPM Ventures, Standard Industries, and Zeev Ventures.

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The fundraising offers the firm a $1.5bn valuation.

Using the capital, Hippo intends to ramp up the firm expansion plans which involve reaching 95% of homeowners in the US over the next 12 months.

The firm will also use the funds to strengthen its staff headcount, make technology investments.

At the same time, the funding is said to facilitate the firm’s proposed takeover of a national insurance carrier.

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Hippo leverages technology and data integrations to create a unique profile of a customer’s property during onboarding. It reviews changes to a customer’s property utilising features like thermal and satellite imagery.

The company has an aggressive hiring plan for its Palo Alto, California base as well as its offices in Austin and Dallas, Texas.

It intends to boost its staff headcount by 100 in 2020. It is also building its new Hippo ATX campus to expand its Austin, Texas presence.

Hippo co-founder and CEO Assaf Wand said: “We’ve seen tremendous growth over the last three years since launch, by leveraging technology wisely and reimagining the customer experience.

“We’re developing a long-term relationship with our customers, in part by supporting our insurance customers with home maintenance and smart home devices – all of which help solve small problems before they become big headaches.”

Last July, Hippo closed a $100m Series D funding round led by global technology investment firm Bond.