US-based insurance comparison platform Insurify has received $100m Series B investment led by private equity firm Motive Partners to drive its expansion plans.
Motive Partners was joined by current backers Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, and Moneta VC.
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New investors Viola Growth and Fort Ross Ventures also participated.
Motive Partners founding partner James O’Neill said: “Insurify is bringing cutting-edge digital distribution technology to the insurance market, a $2 trillion industry in the United States alone.
“Insurify is already growing rapidly and the new round of investment will allow the company to accelerate its investment in enriching their existing services and extending their reach to additional insurance products.”
The fresh infusion takes the total capital raised by the firm so far to $128m.
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By GlobalDataInsurify will use the fresh capital to expand its business and speed up growth strategy.
Plans are on to expand its direct quoting integrations across all insurance verticals, pursuing more embedded insurance opportunities, bolstering product functionality.
It also intends to improve brand awareness as well as boost hiring efforts.
Founded in 2013, Cambridge, Massachusetts-based Insurify is a one-stop-shop comparison platform for car, home as well as life insurance.
The platform enables customers to compare quotes from large and regional insurance companies through real-time integrations and AI-based recommendations.
Insurify founder and CEO Snejina Zacharia said: “Our mission is to strengthen the trust between the customer and the agent by building the smartest, most reliable virtual insurance agent in the industry.
“We want to empower our customers to make the best decisions about their insurance and be confident that they can get immediate savings through our product.”
In June this year, American insurance giant Nationwide partnered with Insurify to offer its customers more choices.
This year in May, Insurify set up an office in Sofia, Bulgaria, marking its first international outpost.
