PolicyGenius raises $30 million from Norwest Venture Partners
Consumers increasingly are going online to search for insurance, and when they do, PolicyGenius wants to be right there to help them find the right policy. To expand its offerings and support more customers, the company raised a $30 million Series C funding round led by Norwest Venture Partners.
PolicyGenius has built a marketplace for consumers who want to evaluate multiple insurance carriers and policies all in one place. People searching for a policy can answer a series of questions and find multiple options available to them.
By working with various insurance providers, PolicyGenius has built a quoting engine and allows consumers to compare policies they are eligible for side-by-side. The company also has an “insurance checkup” tool to help customers discover and close gaps in their insurance coverage.
Starting with life insurance, PolicyGenius has gradually expanded its suite of options to include health insurance, renters’ insurance, long-term disability insurance and even pet insurance.
Since announcing a $15 million round of financing in January 2016, the company has grown monthly revenues by 7x and doubled its employee base. With its new round, PolicyGenius hopes to expand its product lines to include property and casualty policies, and also to build out relationships with its partners.
PolicyGenius co-founder and CEO Jennifer Fitzgerald said the company selected Norwest thanks to its work with strong consumer-facing brands such as Casper, Jet and LendingClub. With the funding, Norwest partner Parker Barrile will join the company’s board.
To date, PolicyGenius has raised a total of $52 million in venture funding, from investors that include Revolution Ventures, Karlin Ventures, Susa Ventures, AXA Strategic Ventures, Transamerica Ventures, MassMutual Ventures and Fika Ventures.