This round brings Insurify's total funding to $131.7M. Here are the top-line bullets you need to know.
Insurify, an insurance comparison shopping engine, has raised $100M in a Series B. The round drew participation from Viola Group, Motive Partners, and Hearst Ventures, among others.
How’s the company performing?
- Cambridge-based Insurify’s AI-powered virtual insurance agent provides real-time quotes to personalize the insurance shopping experience. The platform offers home, automobile, and life insurance.
- The company has seen a CAGR of 151% over the last 3 years, and its recurring revenue has increased 6x since Q4’19.
- The company’s employee base has expanded by 260% since its last funding round in 2020, and it opened a second office in Sofia, Bulgaria as well. It currently has a team of 125 employees.
Source: Insurify
Why does the market matter?
- The global insurtech market is projected to grow at a CAGR of 10.8% and reach a value of $10.14B by 2025, according to Mordor Intelligence.
- The insurtech sector is seeing significant investment activity. In the first half of 2021, insurtechs raised $7.4B — surpassing the $7.1B raised over all of 2020 by more than $300M.
