In the recent turn of events, Hippo, an American property insurance company based in California, raised USD 150 million as funds, taking its valuation to USD 1.5 billion.
As per a statement released by the company, the new funding will be utilized for investing, hiring, and expanding operations. Hippo plans to reach 95% U.S homeowners within the next year.
For the uninitiated, Hippo makes use of technology to examine a home during the initial onboarding process and uses technologies like satellite and thermal imaging to monitor changes made to a property. The company also hands out smart home devices to the owners which helps to make the owner aware of things like water leaks.
Based on credible reports, the company had plans to acquire Spinnaker Insurance company last month and is hiring aggressively for its Palo Alto headquarters along with the offices in Austin, and Dallas. It has plans to expand its office in Austin with a new campus having a capacity of holding 310 employees.
For the record, Hippo operates in 29 states at present. It is reported that the company recorded sales growth of 60% y-o-y in Q2 of 2020. Over the last year, the company’s premium surged to USD 270 million, registering 140% y-o-y growth.
The latest investors included in Series E are FinTLV Ventures, Dragoneer Investment Group, Ribbit Capital, and Innovius Capital. As per crunchbase, in July 2019 the Series D was led by Bond, which helped Hippo raise USD 100 million.
Gil Arazi, Founder and Managing Partner of FinTLV quoted that the value Hippo has provided its consumers and the steps it has made towards the progression of the P&C insurance sector resulted in it being the most successful technology insurance company in the recent years.