Insurance Platform CoverHound Announces $14M Series B and New Partnerships
CoverHound raises an additional $14 million for continued carrier growth and plans to power numerous insurance comparison marketplaces
SAN FRANCISCO, March 9, 2015 /PRNewswire/ -- CoverHound, the leading platform for comparing and purchasing insurance, announced that the company raised $14 million in Series B financing. Existing investors RRE Ventures, Blumberg Capital and Bullpen Capital participated in the latest round, as did new investors Core Innovation Capital, Thomas Lehrman, Tugboat Ventures, Route 66 Ventures and American Family Ventures, the venture capital arm of American Family Insurance. Arjan Schütte, Managing Director at Core Innovation Capital, and Ryan Katz, General Partner at Route 66 Ventures, joined the CoverHound Board of Directors.
The new funding will support CoverHound's carrier growth and integrations with large marketing partnerships like Google Compare, a financial research tool launching in select states in the months ahead. At its San Francisco office, CoverHound will hire additional engineers to facilitate such partnerships and to support ongoing carrier integrations. CoverHound will also hire more staff for its insurance agency operations center in Southern California. The company recently doubled its office space in Westlake Village, CA to accommodate this rapid growth.
CoverHound allows consumers to easily find, compare and purchase insurance policies on one site. Currently, the platform offers auto, homeowners, renters and motorcycle insurance from 21 carriers, 17 of which are auto insurance specific. Users can get accurate, personalized quotes and purchase a policy within minutes. Unlike typical insurance engines that route visitors to numerous other websites or sell personal data to third parties, CoverHound is a one-stop shop dedicated to protecting consumer privacy. The company employs a team of licensed insurance agents that can help customers choose the right policy to fit their needs.
To date, CoverHound has raised over $20 million in venture funding. In 2014, CoverHound sold over $17 million in insurance and expects to sell over $45 million in 2015. In the past year, among new CoverHound customers that reported a savings from their prior insurance policy, the average savings were $685 annually. Since launching in June 2012, CoverHound has sold more than 26,000 policies and has recently earned a Net Promoter® Score (NPS) of 67+ from its new customers.
"With our B round now secured, we will continue to expand our team and reach even more insurance shoppers online through new, high profile partnerships," said Keith Moore, CEO of CoverHound. "Welcoming more FinTech-focused investors to an already strong group has us well positioned to provide the best possible consumer experience."
About CoverHound
CoverHound is your one-stop online insurance agency, built to deliver fast, accurate and actionable rates from leading US carriers based on your specific needs. Unlike so many sites that show long lists of insurance estimates and link you to other sites where the rates often change, CoverHound delivers a simple comparison of recommended plans and real rates for immediate purchase.
CoverHound's insurance marketplace is constantly expanding and today includes top carriers like Progressive, Esurance, 21st Century, Safeco, Mercury, Travelers, The Hartford, Infinity, Titan (Nationwide), and many others. The team at CoverHound has deep insurance and financial services experience from companies like State Farm, 21st Century, Farmers, Kemper Specialty, AAA, Progressive, Insurance.com, Arizona Home Insurance, Western Mutual, and LendingTree. For more information, visit CoverHound.com
SOURCE CoverHound
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