On Thursday, Policygenius announced the closing of its $100 million Series D funding round. This investment was led by KKR and dwarves its previous $30 million Series C raise, which closed in early 2017.
The new funding will help Policygenius hire across the board, including roles in sales, engineering and operations. The funding will also go towards its new consumer-facing financial products, which it plans to unveil later this year.
The New York-based company has created an online insurance marketplace that allows people to compare and purchase insurance. Users can get quotes for health insurance, life insurance, home insurance and even pet insurance plans through the company’s platform. Shoppers can also get unbiased advice on coverage, compare prices and purchase insurance plans using the platform.
Policygenius was founded in 2014, and since then it’s been used by over 30 million people. 2019 was an especially big year for the company’s growth. Last year, Policygenius hired about 180 people and opened a second headquarters in Durham, N.C. The company also achieved $60 million in annualized revenue.
“Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide. But what we're exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely,” Jennifer Fitzgerald, the CEO and co-founder of Policygenius, said in a statement. “With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”