The latest Series B funding round was led by Motive Partners
Another Boston-based insurtech has raised a $100 million. Cambridge-based insurtech Insurify announced earlier this month that it has secured $100 million in financing during its latest Series B funding round. Led by the specialist private equity firm Motive Partners, the funding round also included participation from existing investors Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, Moneta VC, as well as new investors Viola Growth and Fort Ross Ventures. To date, the company has raised a total of $128 million in funding.
“Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry. We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product,” said Snejina Zacharia, founder and CEO of Insurify. “We’re very excited to partner with our investors to continue building a trusted brand loved by millions of customers and achieve our growth targets. The industry is accelerating its shift towards digital insurance brokerage, and Insurify is leading the charge.”
Will continue to focus on accelerating growth initiatives
With this latest infusion of cash, Insurify will continue to expand its operations and accelerate its various growth initiatives. Since its initial Series A funding in 2019, the company says it has added its home insurance marketplace, as well as announcing to major partnerships: one with Toyota Insurance Management Solutions and the other with Nationwide.
As for overall results, Insurify notes that the company has logged a “2.5x year-over-year revenue growth despite the effects of COVID-19”, and also has grown new and recurring revenue by six times since its initial Series A funding in Q4 of 2019. Lastly, the company has achieved a “CAGR” of 151% for the last three years.
James O’Neill, Founding Partner at Motive Partners commented, “Insurify is bringing cutting-edge digital distribution technology to the insurance market, a $2 trillion industry in the United States alone. Insurify is already growing rapidly and the new round of investment will allow the company to accelerate its investment in enriching their existing services and extending their reach to additional insurance products. We look forward to partnering closely with Snejina and the Insurify team, and leveraging Motive Partners’ resources in technology and innovation, to capitalize on this unique market opportunity.”
One of Agency Checklists’ first insurtech interviews
Insurify was founded in Cambridge in 2013 by CEO and founded Snejina Zacharia, formerly an executive at Gartner, who was finishing up an executive MBA from MIT’s Sloan School of Management. Frustrated by the lack of a true online comparison experience, Zacharia decided to build the solution—Insurify, a virtual insurance agent with real-time quotes and the ability to buy insurance the way customers want, over the phone or online.
Insurify also was actually the first “insurtech” that Agency Checklists profiled on our site, in March of 2016. For those interested in re-visiting that profile, it can be accessed here: A Q&A With Cambridge Start-Up Insurify- The Site Aiming To Be The Virtual Insurance Agent Of The Internet.