Total amount raised
$276.1 Million
Latest funding date
03/01/2022
Location
Policygenius has successfully raised funds through seven distinct funding rounds, with the latest being a Series E round. The company is backed by 28 investors, including notable names like Revolution Ventures and ORIX Growth Capital.
Keep reading to explore the intricacies of Policygenius's fundraising journey and the investors backing this innovative platform.
What Is Policygenius?
Policygenius, founded in 2014, is an online insurance tech company based in New York, New York. Specializing in life, home, and auto insurance, the company operates as an independent insurance broker and marketplace.
With an employee count ranging between 501-1000, Policygenius offers tools to compare quotes, calculate insurance needs, and read reviews. The company emphasizes its independence from insurance companies, ensuring unbiased advice and support for its users.
How Much Funding Has Policygenius Raised?
- Seed Round
- Amount Raised: USD 750,000
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop its initial product offerings.
- Series A
- Amount Raised: USD 5,300,000
- Date: June 2015
- Lead Investors: Karlin Ventures, Susa Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's capabilities.
- Series B
- Amount Raised: USD 15,000,000
- Date: January 2016
- Lead Investors: Revolution
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Series C
- Amount Raised: USD 30,000,000
- Date: May 2017
- Lead Investors: Norwest
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop technology and expand product offerings.
- Series D
- Amount Raised: USD 100,000,000
- Date: January 2020
- Lead Investors: Kohlberg Kravis Roberts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow the no-exam life insurance business and expand home and auto insurance offerings.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: March 2022
- Lead Investors: ORIX Growth Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To refinance existing senior loan facility and support growth initiatives.
- Series E
- Amount Raised: USD 125,000,000
- Date: March 2022
- Lead Investors: KKR, Norwest Venture Partners, Revolution Ventures, Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial, Pacific Life, AXA Venture Partners, MassMutual Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in core businesses, expand no-exam life insurance offerings, and support the launch of Policygenius Pro.
Total Amount Raised: USD 275,050,000
Current Valuation: Not publicly disclosed
Key Investors
- KKR
- Details: KKR is a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, and credit. The firm is known for its significant influence in the financial sector and its strategic investments across various industries.
- Investment Focus Areas: Private equity, energy, infrastructure, real estate, credit
- Notable Investments: ByteDance, Lyft, Epic Games
- Norwest Venture Partners
- Details: Norwest Venture Partners is a global, multi-stage investment firm that focuses on early to late-stage venture and growth equity investments. The firm has a diverse portfolio and a strong track record of supporting innovative companies.
- Investment Focus Areas: Technology, healthcare, financial services, consumer products
- Notable Investments: Uber, Spotify, BlueJeans
- Revolution Ventures
- Details: Revolution Ventures is a venture capital firm that invests in early-stage companies, particularly those outside of Silicon Valley. The firm aims to support entrepreneurs who are transforming traditional industries through technology.
- Investment Focus Areas: Early-stage companies, technology-enabled businesses
- Notable Investments: Sweetgreen, DraftKings, Zipline
- AXA Venture Partners
- Details: AXA Venture Partners is a venture capital firm that invests in early and growth-stage technology companies. The firm leverages its global network to support the growth and success of its portfolio companies.
- Investment Focus Areas: Enterprise software, fintech, digital health, consumer technology
- Notable Investments: Zenjob, Happytal, Phenom People
- MassMutual Ventures
- Details: MassMutual Ventures is the corporate venture capital arm of Massachusetts Mutual Life Insurance Company. The firm focuses on early and growth-stage companies that are driving innovation in their respective fields.
- Investment Focus Areas: Fintech, cybersecurity, enterprise software, digital health
- Notable Investments: Socure, Insurify, LinkSquares
What's Next for Policygenius?
Policygenius stands at the cusp of significant growth opportunities, driven by its expansion in the no-exam life insurance market and the scaling of its B2B platform, Policygenius Pro. The company has seen a 30x increase in no-exam life insurance volume over the past two years and aims to leverage this momentum to dominate the term life insurance distribution market.
Future fundraising appears promising, with strong backing from existing and new investors, including major insurance carriers. This support could pave the way for additional funding rounds to further enhance their technological capabilities and market reach.
However, challenges such as maintaining growth in a competitive insurtech landscape and navigating regulatory changes remain. Policygenius must also address internal issues like employee turnover and missed sales targets to sustain its upward trajectory.
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