The latest insurtech news from in and around Massachusetts, that we thought might be of interest to our readers…
Cambridge’s Cake Raises $1.35 Million
Cake, a digital platform for advance care and end-of-life planning, has raised $1.35 million this month. The amount, which was the result of an oversubscribed round of funding, was led by investor Pillar VC, along with participation from Launch Capital. Additional investment contributions also were made from existing Cake investors including Arkitekt Ventures and Honeycomb Portfolio.
“Our goal is to help people live a good life all the way to the end. Cake makes sure that your family and your care team will know what a good life means to you,” says Cake’s Co-founder and CEO, Suelin Chen.
Founded by an MIT-trained engineer and Harvard-trained doctor, Cake was created to leverage technology, data, and human-centered design to make advance care planning and end-of-life planning easier. The insurtech has been named Boston’s Tech Startups to Watch in 2017, as well as having been selected by TEDMED and PULSE. It was also the winner of Project Entrepreneur in 2016.
The Cake web application asks simple, human-centered questions that help people to consider end-of-life preferences and to record their wishes securely online. Unlike paper-based tools, the software creates a living document that makes it easy to update and share decisions as people’s lives evolve.
Cake software has already piloted its platform with several large payers, providers, and healthcare systems in Massachusetts, including Blue Cross Blue Shield of Massachusetts, Harvard Pilgrim, and Massachusetts General Hospital. The company says it will use the new funds to expand awareness and availability of its software.
Goji Gets Another $15 million
On the heels of its announcement of a new CEO, Boston-based Goji has more good news. The online auto and home insurance platform has just announced a $15 million investment round led by Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda.
“Goji has a leading-edge platform that enables the right online distribution model for the insurance industry today. It leverages data and analytics with its smart technology to target loyal customers, building a valuable book of business,” said Peter Breitstone, Goji’s recently-appointed CEO. “We are experiencing impressive growth as we identify and convert more preferred buyers online,” Breitstone added.
Goji Executive Chairman, Matt Coffin, explained that the partnership with HSCM Bermuda brings on an investor with “a demonstrated sophisticated knowledge of insurance along with strong access to the insurance and reinsurance markets.” He added that “we’ve already identified several opportunities to continue to expand Goji’s business and are looking forward to exploring additional ways to strategically partner with HSCM Bermuda’s business and leverage their resources for our mutual benefit.”
Goji’s data-driven home and automobile insurance platform enables Goji agents to seamlessly match the optimal coverage needs of its preferred buyers with Goji’s integrated network of more than a dozen insurance carriers. Goji’s customers, in effect, access an online insurance concierge service that yields personalized, real-time, valued-based quotes designed to fit their individual coverage requirements.
HSCM Bermuda joins existing Goji investors Thayer Street Partners, Coffin Capital & Ventures, and Five Elms Capital.
Accolades For Everquote
Everquote, the Cambridge-based online insurance platform announced this month that is has been the recipient of the following accolades:
- Deloitte 2017 Technology Fast 500. Recognizing EverQuote’s contributions to the insurance industry’s digital transformation and four-year revenue growth of 169 percent, the company ranked number 446 on the Deloitte Tech 500 list. The Deloitte 2017 Technology Fast 500 winners are the fastest growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2013 to 2016.
- Built In Boston – Boston’s Biggest 100 Companies. With more than 200 employees, EverQuote was recognized on Built in Boston’s List of 100 Biggest Companies, ranking as the 51st largest digital technology employer in Boston. Since 2013, the company has seen an average annual employment growth of 50 percent.
- BostInno 50 on Fire Finalist. Competing against 150 of Boston’s brightest and most promising startups and technology companies, EverQuote was honored as a top thirty Technology Company on the BostInno 50 on Fire finalists list. The BostInno 50 on Fire recognizes the top 50 individuals and organizations who are driving the innovation economy in Boston and beyond in the categories of civic, design, retail & dining, education, healthcare and medicine, investment, marketing and advertising, professional services, sports and fitness, and technology.
“We are extremely proud to be recognized for our tremendous growth, hiring and innovative technology,” said Everquote CEO Seth Birnbaum, in commenting on his company’s achievements.
In addition to the employee and revenue increases we’ve achieved, this year has been a memorable year of growth for the company, with the addition of our first female board member, generation of $36 million in funding, participation of nearly a billion miles driven by consumers on EverDrive and more. It’s a testament to our dedicated team and the mission we share with our fantastic insurance partners, and we have even bigger plans for growth in 2018. We expect to continue diversifying our revenue growth via the addition of home and life insurance to our marketplace and the continued expansion of our EverDrive social safe driving app. We’re thrilled to receive these honors and remain passionately motivated to improve the insurance process for millions of consumers and thousands of insurance providers in the US.”
