Total amount raised
$141.3 Millions
Latest funding date
11/1/2020
Location
Hover has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company specializes in 3D data and technology, catering to home improvement and property insurance professionals.
Keep reading to explore the intricacies of Hover's fundraising journey and the investors backing this innovative platform.
What Is HOVER?
Hover, founded in March 2011 by A.J. Altman and Ross Hangebrauck, is based in San Francisco, California. The company specializes in providing 3D data and technology solutions for home improvement and property insurance professionals.
Hover's innovative platform allows users to create fully measured, accurate, and interactive 3D models of properties using AI and smartphone cameras. This technology aids homeowners, contractors, and insurance professionals in visualizing home improvements and assessing property conditions.
With a team of 251-500 employees, Hover continues to revolutionize the construction and renovation industry by offering comprehensive software solutions that streamline measurements, designs, estimates, and more.
How Much Funding Has HOVER Raised?
- Series D
- Amount Raised: $60M
- Date: November 2020
- Lead Investors: Nationwide Mutual Insurance, State Farm Ventures, Travelers Insurance
- Valuation at Round: $490 million post-money
- Motivation Behind the Round: To enhance HOVER's 3D data platform and expand its e-commerce efforts.
- Series C
- Amount Raised: $25M
- Date: April 2019
- Lead Investors: Menlo Ventures
- Valuation at Round: $280 million
- Motivation Behind the Round: To support the company's growth and technological advancements.
- Series B
- Amount Raised: $25M
- Date: January 2018
- Lead Investors: Google Ventures, The Home Depot
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market reach and enhance its technology.
- Series A
- Amount Raised: $6M
- Date: November 2015
- Lead Investors: Alsop Louie Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development and market penetration.
- Convertible Note
- Amount Raised: $5.2M
- Date: November 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional working capital for growth.
- Series A
- Amount Raised: $3M
- Date: March 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund initial product development and market entry.
- Seed Round
- Amount Raised: $3.1M
- Date: December 2012
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the company and develop the core technology.
Hover has raised a total of $127.3M with a current valuation of $490M.
Key Investors
- Nationwide Mutual Insurance
- Details: Nationwide Mutual Insurance is a large U.S. insurance and financial services company. It offers a wide range of insurance and financial products, including auto, home, life, and commercial insurance.
- Investment Focus Areas: Insurance, financial services, technology.
- Notable Investments: Next Insurance, Sure, Arlo.
- State Farm Ventures
- Details: State Farm Ventures is the venture capital arm of State Farm, one of the largest insurance companies in the U.S. It focuses on investing in startups that align with State Farm's business interests.
- Investment Focus Areas: Insurance technology, financial services, customer experience.
- Notable Investments: Cambridge Mobile Telematics, Blue Owl, InsureVision.
- Travelers Insurance
- Details: Travelers Insurance is a leading provider of property casualty insurance for auto, home, and business. It is one of the largest insurance companies in the U.S.
- Investment Focus Areas: Insurance, risk management, technology.
- Notable Investments: Various investments in insurance technology and risk management solutions.
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that invests in early-stage and growth-stage companies. It has a strong track record in technology and consumer sectors.
- Investment Focus Areas: Technology, consumer, enterprise, healthcare.
- Notable Investments: Uber, Roku, Warby Parker.
- Google Ventures (GV)
- Details: Google Ventures, now known as GV, is the venture capital investment arm of Alphabet Inc. It invests in various sectors, including technology and life sciences.
- Investment Focus Areas: Technology, life sciences, consumer products.
- Notable Investments: Uber, Slack, Nest.
What's Next for HOVER?
Hover stands at the cusp of significant opportunities, particularly in enhancing its 3D data platform and expanding its e-commerce efforts. The $50 billion exterior building materials market presents a vast potential for growth. By modernizing the home improvement industry and streamlining property project processes, Hover can revolutionize how contractors and insurance professionals operate.
Future fundraising seems promising, given the company's growth trajectory and the successful Series D round. However, challenges such as maintaining market momentum, scaling operations, and navigating competitive pressures remain. Ensuring continuous innovation and meeting industry standards will be crucial for Hover's sustained success.
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