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Comcast (NASDAQ:CMCSA) participated in the $100M Series D for home insurer Hippo Insurance at a $1B valuation. Mary Meeker’s Bond Capital led and Lennar, Felicis Ventures, and Fifth Wall Ventures joined. Hippo will use the funds to expand its geographic footprint, deepen its D2C products, and form more partnerships. Lennar is among Hippo’s current partners.
Hippo says it has seen premiums grow 10x in the past 12 months. The company says its data-driven pricing and real-time underwriting analyzes public data sets for a more accurate view of a homeowner’s property. The result is a tailored and accurate quote within 60 seconds and a premium cost reduction of up to 25%. Hippo provides its customers with complementary smart home devices to guard against water leaks, fire, and break-ins.
“Hippo has emerged as one of the highest growth companies we’ve seen among its insurance peers and more broadly in FinTech. The Hippo team is world-class and we’re excited to partner with them as they build the next generation insurance company,” says Noah Knauf, General Partner at Bond, who is joining Hippo’s board.
