Total amount raised
$1.3 Billions
Latest funding date
Location
Hippo Insurance has successfully raised funds from 41 investors, including notable names like Dragoneer Investment Group and Lennar Ventures. The company has gone through multiple funding rounds, with the last one being a Post-IPO Equity round on August 3, 2021.
Keep reading to explore the intricacies of Hippo Insurance's fundraising journey and the investors backing this innovative platform.
What Is Hippo Insurance?
Hippo Insurance, founded on January 1, 2015, is headquartered in Palo Alto, California, with additional offices in Austin and Dallas, Texas. The company was established by Assaf Wand and Eyal Navon.
Operating in the Financial Services, FinTech, InsurTech, Property Insurance, and PropTech industries, Hippo Insurance leverages technology to offer a variety of home insurance products. The company employs between 501 and 1000 people.
Hippo aims to provide a new standard of care and protection for homeowners by using real-time data, smart home technology, and a suite of home services to create an integrated home protection platform.
How Much Funding Has Hippo Insurance Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: April 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2016
- Lead Investors: RPM Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and expand the team.
- Series A
- Amount Raised: $14M
- Date: December 2016
- Lead Investors: Horizons Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance technology infrastructure.
- Series B
- Amount Raised: $25M
- Date: January 2018
- Lead Investors: Comcast Ventures, Fifth Wall
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and improve customer acquisition strategies.
- Series C
- Amount Raised: $70M
- Date: November 2018
- Lead Investors: Felicis, Lennar Corporation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance product offerings.
- Series D
- Amount Raised: $100M
- Date: July 2019
- Lead Investors: Bond
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid expansion and technological advancements.
- Series E
- Amount Raised: $150M
- Date: July 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: $1.5 billion
- Motivation Behind the Round: To support the company's growth and technological advancements, as well as to increase its market share.
- Convertible Note
- Amount Raised: $350M
- Date: November 2020
- Lead Investors: Mitsui Sumitomo Insurance Company
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Hippo's services to more states in the U.S., aiming to cover 95% of U.S. homeowners within the next year.
- Secondary Market
- Amount Raised: Not publicly disclosed
- Date: December 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Post-IPO Equity
- Amount Raised: $550M
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and expansion efforts post-IPO.
Total Amount Raised: $1.259 billion. Current Valuation: $1.5 billion.
Key Investors
- Dragoneer Investment Group
- Details: Dragoneer Investment Group is a growth-oriented investment firm that focuses on long-term investments in technology-enabled businesses.
- Investment Focus Areas: Technology, growth-stage companies, long-term investments.
- Notable Investments: Airbnb, DoorDash, Snowflake.
- Lennar Ventures
- Details: Lennar Ventures is the venture capital arm of Lennar Corporation, one of the largest homebuilders in the United States.
- Investment Focus Areas: Real estate, homebuilding, technology.
- Notable Investments: Investments in various real estate and homebuilding ventures.
- Mitsui Sumitomo Insurance Company
- Details: Mitsui Sumitomo Insurance Company is a subsidiary of MS&AD Insurance Group Holdings, focusing on insurance and reinsurance services.
- Investment Focus Areas: Insurance, reinsurance, financial services.
- Notable Investments: Primarily in the insurance sector, including various global insurance and reinsurance ventures.
- Fifth Wall Ventures
- Details: Fifth Wall Ventures is a venture capital firm that focuses on real estate technology and proptech investments.
- Investment Focus Areas: Real estate technology, proptech.
- Notable Investments: Opendoor, Hippo Insurance.
- Felicis Ventures
- Details: Felicis Ventures is a venture capital firm that invests in early-stage technology companies with a focus on disruptive innovations.
- Investment Focus Areas: Early-stage technology companies, disruptive innovations.
- Notable Investments: Shopify, Hippo Insurance.
What's Next for Hippo Insurance?
Hippo Insurance is poised for significant growth as it aims to expand its coverage to 95% of U.S. homeowners. This ambitious goal is supported by a recent $350 million funding round, which will fuel its expansion into new states and enhance its technological offerings. The company is leveraging advanced tools like thermal and satellite imagery to improve property maintenance and customer experience, positioning itself as a leader in the insurtech sector.
Future fundraising opportunities are likely, given the strong investor interest and the company's preparation for a potential IPO. Hippo's strategic partnership with Mitsui Sumitomo Insurance Company also opens doors for further capital infusions and reinsurance agreements, which will help manage risks and support growth. However, the company faces challenges such as maintaining profitability, integrating new acquisitions, and navigating regulatory requirements for state expansions.
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