SAN FRANCISCO, Sept. 22, 2015 /PRNewswire/ -- CoverHound,
the leading digital platform for comparing and purchasing
insurance, today announced that the company raised $33.3 million in a Series C financing round led
by ACE Group (NYSE: ACE), one of the world's largest multiline
property and casualty insurers. The new strategic investment from
ACE comes just months after announcing the company's Series B
round, bringing the funding total to over $53 million.
This C round of financing also includes CoverHound's existing
investors RRE Ventures, Blumberg Capital, Core Innovation Capital,
Route 66 Ventures and American Family Ventures, the venture capital
arm of American Family Insurance.
As a member of the 2nd AngelPad class (Winter 2011),
CoverHound now marks the 6th AngelPad company to exceed
a $100MM valuation. AngelPad was recently ranked #1 by
MIT's U.S. Seed Accelerator
Rankings.
What's Next for CoverHound
With this new capital,
CoverHound will continue to invest in talent acquisition to further
enhance its digital insurance platform and to introduce new,
innovative product offerings for small businesses and
entrepreneurs. This is a natural progression for CoverHound, who
has experienced over 168% in new customer policy growth in
2015.
- Innovative new digital products: As CoverHound
insurance product offerings continue to evolve, expansion into
small business and commercial insurance is an ideal growth
opportunity for the company.
- New hires: CoverHound is aggressively hiring in both of
its U.S. locations in San
Francisco and Westlake Village,
CA. Key areas for employee growth include product
management, engineering, and licensed P&C insurance
agents.
- Expanding insurance carrier options: After recently
extending its carrier offerings to include The General, MetLife,
Mapfre, Century National, and Stillwater, new insurance carriers
will continue to be added to the platform to increase consumer
choice.
- Expanding marketing partnerships: After successfully
launching its partnership with Google Compare in March of 2015,
CoverHound continues to expand this partnership into new states,
and will add more high profile marketing partnerships in the months
ahead to continue to reach targeted insurance shoppers.
"Since inception, we've been focused on insurance innovation
through offering the fastest and smartest way to compare and
purchase P&C Insurance," said Keith
Moore, Chief Executive Officer of CoverHound. "This firm
commitment to both the comparison shopping experience and the
insurance purchasing process has proven to be a unique
differentiator that our valued carriers and marketing partnerships
count on as CoverHound continues to effectively scale."
CoverHound Board Addition
This Series C round welcomes
the addition of James D. Robinson
III, co-founder and general partner of RRE Ventures, to the
CoverHound board. In this Director role, Mr. Robinson will bring
his relevant experiences as former Chairman and CEO of American
Express for 16 years, in addition to having served as Board
Director for well-known industry leaders like Coca-Cola Company,
Bristol-Myers Squibb Company and Novell, to name a few.
"Driving innovation and leading the insurance industry forward
into a digital world has never been more important," said
James D. Robinson III. "The industry
is ripe for change and it's a great personal pleasure to be able to
play an active role at CoverHound as the company paves the way into
the next generation of insurance."
About CoverHound:
CoverHound is an online platform for
comparing and purchasing insurance, built to deliver fast, accurate
and actionable rates from leading US carriers based on your
specific needs. Developed by a team with deep insurance and
financial services experience, CoverHound is dedicated to providing
the best in class customer experience from leading U.S. property
and casualty insurance carriers including, The General, Esurance,
Progressive, 21st Century, Safeco, Infinity, Mercury, Kemper,
Travelers, The Hartford, MetLife
and more. For more information, visit CoverHound.com
About ACE:
ACE Group is one of the world's largest
multiline property and casualty insurers. With operations in 54
countries, ACE provides commercial and personal property and
casualty insurance, personal accident and supplemental health
insurance, reinsurance and life insurance to a diverse group of
clients. ACE Limited, the parent company of the ACE Group, is
listed on the New York Stock Exchange (NYSE: ACE) and is a
component of the S&P 500 index. Visit www.acegroup.com/eu
Media Contact:
Sparkpr for CoverHound
Christa Fogleman
Christa.Fogleman@sparkpr.com
202-680-2506
ACE Group
Jeffrey Zack
jeffrey.zack@acegroup.com
212-827-4444
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SOURCE CoverHound