The funding was led by Felicis Ventures and Lennar Corporation, reported Crunchbase. In addition, Comcast Ventures, Horizon Ventures, and others also participated in the round.
According to Victoria Treyger, Managing Director at Felicis Ventures and member of the Hippo Board of Directors,“The company leverages thousands of data points to underwrite customers in minutes and proactively monitors and alerts homeowners when key repairs or weather protection is needed to safeguard their most important asset.
“Insurance is in the early stages of undergoing the dramatic transformation of customer experience and improved risk management enabled by access to real time data. We see Hippo’s current growth rate and powerful automated policy management system as the foundation to driving this transformation.”
The insurance company was founded in 2015, and largely focuses on home insurance. It “has clearly captured the direct to consumer home insurance market with their efficient product, modern coverage and customer friendly approach,” said Eric Feder, Senior Lennar Executive.
“This investment marks the beginning of our relationship with Hippo and reflects our enthusiasm for exploring opportunities to streamline and improve the insurance process for our home buyers.”
This year, Hippo delivered 800 product updates. This translates to two per day, and its online conversion rate increased twofold during the same period of time. “Our heavy focus on customer experience for every client, from first time homeowners to home insurance experts, has been one of the keys to our success,” said Assaf Wand, Hippo co-founder and CEO.