Hippo raises $150m in Series E funding round

Hippo Enterprises closed $150 million in Series E funding, valuing its business at $1.5 billion post-financing.

The InsurTech brought in FinTLV, Ribbit Capital, Dragoneer and Innovius Capital as new investors, alongside participation from existing investors.

The funding will be used to accelerate the company’s expansion, including its goal to reach 95 per cent of the US homeowner population in the next 12 months, make key hiring additions, invest in technology operations and support the proposed acquisition of a national insurance carrier.

Hippo's home insurance model helps customers proactively identify and help to resolve risks. In the past 12 months, it has grown total written premiums to $270 million.

Co-founder and chief executive Assaf Wand said: “We’ve seen tremendous growth over the last three years since launch, by leveraging technology wisely and reimagining the customer experience.

"We’re developing a long-term relationship with our customers, in part by supporting our insurance customers with home maintenance and smart home devices - all of which help solve small problems before they become big headaches.”

The company actively reviews changes to a customer’s property over time, using thermal and satellite imagery and layers in machine learning and public records to keep customers’ properties protected.

For protection inside the home, the Hippo smart home program, which offers eligible customers complimentary smart home devices at sign-up, has delivered more than 400,000 devices to date and helps alert homeowners to potential issues, like water leaks.

Hippo began selling its policies to homeowners in 2017, which initially rolled out in California and is now available to more than 70 per cent of the US homeowners population across 29 states. It then expanded with products for landlords, available in nearly 15 states, and a product for new construction, which is available in 12 states.

The company has committed to an aggressive hiring plan for its Palo Alto, California headquarters, as well as offices in Austin and Dallas, Texas. Hippo expects to increase its employee count by 100 people this year and will be expanding its Austin presence with a new Hippo campus. Construction is underway and will hold up to 310 employees when it opens next year.

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