Policygenius, an online insurance marketplace, has secured $100m in Series D funding round.

The round was led by global investment firm KKR. As part of the investment, KKR’s Allan Jean-Baptiste and Jake Heller will join Policygenius’ Board of Directors.

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The company’s existing major backers including Norwest Venture Partners, Revolution Ventures, Susa Ventures, MassMutual Ventures, AXA Venture Partners and Transamerica Ventures also joined in the round.

Policygenius plans to use the new proceeds to bolster its team and expand its consumer financial protection product portfolio.

Founded in 2014, Policygenius allows users to compare and purchase insurances. Since its launch, it is said to have assisted more than 30 million people and have issued $45bn in live coverage to date.

The company has offices in New York City and Durham, North Carolina. In 2017, it raised $30m in Series C round.

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Policygenius CEO and co-founder Jennifer Fitzgerald said: “Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide.

“But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely.

“With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”

Allan Jean-Baptiste said: “With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime.

“Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”