Insurtech PolicyGenius has raised $100m in a Series D funding round led by global investment firm KKR.
Investors in the company including, Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, have also participated in the round.
In 2017, Policygenius raised $30m of funding in its Series C round and has since raised its revenues to $60m — a 10 times increase.
The investment will be used for hiring and for broader consumer financial protection products, which will be released in 2020.
KKR’s investment will be made through its Next Generation Technology Fund II.
Policygenius CEO and co-founder, Jennifer Fitzgerald, said: “Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide.
“But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely. With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”
KKR principal Allan Jean-Baptiste said: “With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime.
“Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”
Jake Heller, director at KKR, said: “We are thrilled to be working with Jennifer, Francois and their dedicated team as they continue to transform consumer financial protection”.
KKR will be represented by Jean-Baptise and Heller on Policygenius’ board of directors.
Founded in 2014 by Jennifer Fitzgerald, Policygenius offers a digital platform to navigate the insurance buying process. Consumers can purchase insurance including, life, home, auto, disability and renters.
In 2019, Policygenius made $10m in revenue after launching a new property and insurance offering. The company also added 180 new employees and opened a second headquarters in Durham, North Carolina.