AUSTIN, Texas, Jan. 26, 2016 /PRNewswire/ -- The Zebra, the comprehensive comparison platform which enables consumers to search car insurance quotes, today announced it has closed $17 million in Series A funding with investment from Mark Cuban, Mike Maples Jr. (of Twitter and Lyft), Simon Nixon (of Moneysupermarket), Silverton Partners, and new investors Daher Capital and Ballast Point Ventures, bringing total funding to over $21 million. The investment will propel the company's disruption of the massive U.S. car insurance industry and fortify its mission to empower informed consumer behavior.
"Insurance shopping is a major pain point for the 250 million-plus U.S. drivers on the road," said investor Mike Maples, Jr. "With The Zebra, we're demystifying an opaque insurance industry and simplifying that process in a way that serves both drivers and insurance companies."
Car insurance distribution inefficient for insurers and consumers alike
While auto insurance is required in nearly every state, its complex nature and the U.S. regulatory environment make it difficult for insurers and consumers to transact efficiently. Insurance companies leverage thousands of factors to assess risk, which can be daunting for consumers to navigate. Controversial reports including a September 2015 Consumer Reports study highlight some of the mistrust between insurance companies and consumers today. The Zebra aims to help insurers more efficiently acquire customers by bringing transparency to the space and educating consumers about car insurance.
"These antiquated distribution models require innovation. Today, consumers expect optionality and speed in nearly every area of their lives, and now technology allows us to create the tools needed for insurers and consumers," said CEO Adam Lyons. "The Zebra's proprietary solutions enable us to qualify and match drivers with insurers. Insurers love it and consumers need it. This win-win scenario has helped us grow very fast."
Compare companies to simplify insurance shopping
The Zebra provides visibility into the murky world of car insurance pricing and coverage by allowing drivers to compare side-by-side customized quotes in seconds from over 200 insurance companies across all 50 states. It also provides resources for drivers to evaluate companies based on coverage, customer reviews, claims satisfaction and more. The Zebra saves drivers an average of $368 per year.
The Zebra expands with $17M in new funding
The Zebra, founded in 2012, has garnered national attention from users and investors, and now adds $17 million in Series A funding, bringing its total funding to date to over $21 million. The announcement caps off a year in which the company provided 3.5 million unique drivers with customized quotes and expanded relationships with over 40 top insurers.
The Zebra plans to use the capital to enhance its product offering, strengthen partnerships with insurance carriers, and expand its quickly growing team. The company, named a 2015 Best Place to Work in Austin, is hiring across engineering, business development, sales, and marketing.
About The Zebra
The Zebra is the most comprehensive online car insurance comparison platform in the U.S. Since 2012, the company has sought to bring transparency and simplicity to car insurance shopping — "car insurance in black and white." With The Zebra's real-time, side-by-side quote comparison tool, drivers can identify insurance companies with the coverage, service level, and pricing to suit their unique needs. Headquartered in Austin, Texas, The Zebra compares over 200 car insurance companies and provides agent support and educational resources to ensure drivers are equipped to make the most informed decisions about their car insurance.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-zebra-raises-17m-series-a-to-simplify-car-insurance-shopping-300209476.html
SOURCE The Zebra