NEW YORK, NY--(Marketwired - May 24, 2017) - PolicyGenius, a leading consumer insurance startup, announced today that it closed a $30 million Series C funding round led by Norwest Venture Partners with participation from all existing investors including Revolution Ventures. The company puts financial protection within reach for consumers through instant, accurate online quoting and smart digital advice tools for life, health, renters, long-term disability and pet insurance.
Since launching in 2014 PolicyGenius has secured $52 million in venture capital funding. The funding round also invites the addition of Parker Barrile, Partner at Norwest Venture Partners and former product executive at Prosper and LinkedIn, to the company's board.
"Insurance is the next frontier for innovation in consumer finance," said Parker Barrile, Partner at Norwest Venture Partners. "PolicyGenius is at the forefront of that trend, helping consumers secure the insurance they need in a frictionless and transparent way. I'm excited to partner with the PolicyGenius team to build the next major consumer finance platform."
PolicyGenius has helped hundreds of thousands life insurance customers shop for over $100 billion in term life insurance coverage. Customers have applauded the company for its tailored advice, unbiased and accurate insurance quoting platform, highly personalized quotes as well as side-by-side comparison of insurance policies from dozens of the country's top insurance providers.
PolicyGenius grew its monthly revenues by 7x and more than doubled its employee base since it closed its Series B round in January, 2016. The company plans to use the new funding infusion to solidify its position as the leader in insurance shopping and financial protection planning. PolicyGenius plans to use the investment to expand its individual product lines, hire across the organization and build out partnerships. Today the company is also announcing its partnership with LendingTree, an online lending exchange platform. LendingTree will be offering PolicyGenius' life insurance platform to its clients.
"We've been lauded as a pioneer in the insuretech space over the past few years, and we're very proud of the work we've done to create a truly intuitive digital journey for our customers in insurance, going broader and deeper to solve client pain points than our competitors in the space," said Jennifer Fitzgerald, Co-Founder and CEO of PolicyGenius. "We put the consumer back in control of their insurance and financial decisions with smart shopping tools, unbiased advice and the most accurate insurance quotes in the industry. And, we've been excited to see how our service has positively impacted our customers' lives, bringing them peace of mind and financial security."
Fitzgerald joins the ranks of the nation's most successful female startup founders, as one of only four women CEO Founders of a US fintech company to raise more than $50 million in venture capital funding to date (according to CrunchBase data).
Investors from previous rounds also participated in this Series C round including Karlin Ventures, Susa Ventures, AXA Strategic Ventures, Transamerica Ventures and MassMutual Ventures, alongside new investor, Fika Ventures.
About PolicyGenius
PolicyGenius, based in NYC, NY, was founded in 2014 by two former McKinsey consultants who saw a gap in the insurance industry and dedicated themselves to shifting the industry online and into the hands of the consumer. Through its highly tailored Insurance Checkup™, users can discover their coverage gaps and review solutions for their exact needs. The company provides the only place online to shop for health, life, long-term disability, renters and pet insurance through its highly accurate quoting engine that offers side-by-side comparisons of tailored policies.
For more advice and insight please visit our blog, and for the most accurate insurance quotes please visit our health, life, long-term disability, renters and pet insurance product pages.
About Norwest Venture Partners
Norwest Venture Partners is a leading Silicon-Valley based venture capital and growth equity investment firm managing more than $6 billion in capital. Since our inception, we have invested in more than 600 companies. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders advance on their journey. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. For more information, please visit http://www.nvp.com. Follow Norwest on Twitter @NorwestVP.
Contact Information:
Media Contact:
Andrea Collins
VP of PR and Communications at PolicyGenius