Hippo, leading home insurance provider, secures $70 million in funding amidst a record-breaking year for insurtech startups.

January 24, 2025February 6, 2025 EquityExplained

Felicis Ventures and Lennar Corporation Co-Lead $70 Million Series C Funding Round for Hippo

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A Revolution in Home Insurance: Hippo Raises $109 Million to Date

Hippo, a technology-enabled home insurance marketplace, has secured a significant $70 million Series C funding round led by Felicis Ventures and Lennar Corporation. The existing investors in the startup, including Comcast Ventures, Fifth Wall Ventures, Horizons Ventures, and GGV Capital, also participated in this round. This latest investment brings Hippo’s total fundraising to $109 million.

Co-Founder Assaf Wand’s Vision for a New Era in Insurance

Co-founder and chief executive officer Assaf Wand has been instrumental in shaping the company’s vision. Inspired by his father’s career in the insurance industry, Wand spent 14 years imagining the technology that would become Hippo. "I was born into insurance," he told TechCrunch. "Now, the entire real estate ecosystem is changing and the industry is massive. We are getting a crazy good challenge. We think the sky’s the limit with this thing."

A Brief History of Hippo

Hippo officially launched to consumers in 2017. The company has since expanded into 11 new states and witnessed its sales grow by 30 percent month-over-month since January. With its latest investment, Hippo aims to fuel the growth of its product, which offers home insurance plans at lower premiums.

The Rise of Insurtech

The insurance industry is undergoing a significant transformation as technology companies target the sector. Insurtech startups have raised nearly $6 billion in venture capital funding since 2012, with this year alone seeing a record amount of capital at $1.8 billion across 94 deals. Whether the hype for the emerging category will continue into 2019 remains to be seen.

A New Era in Home Insurance

Hippo has set the bar high with its fully automated, proprietary policy management and proactive underwriting system. "Insurance is the next big sector to undergo the dramatic transformation of customer experience and improved risk management enabled by access to real-time data," said Felicis managing director Victoria Treyger. Treyger will join Hippo’s board of directors as part of the round.

A Bright Future for Hippo

With its latest investment, Hippo is poised to drive this transformation forward. "Hippo’s current growth rate and efficient automated policy management system are just the beginning of driving this transformation," said Treyger. The company’s vision is to revolutionize the home insurance industry with its technology-enabled platform.

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Felicis Ventures and Lennar Corporation Co-Lead $70 Million Series C Funding Round for Hippo

Co-Founder Assaf Wand’s Vision for a New Era in Insurance

Assaf Wand, co-founder and chief executive officer of Hippo, has been instrumental in shaping the company’s vision. Inspired by his father’s career in the insurance industry, Wand spent 14 years imagining the technology that would become Hippo.

A Brief History of Hippo

Hippo officially launched to consumers in 2017. The company has since expanded into 11 new states and witnessed its sales grow by 30 percent month-over-month since January.