Insurance Startup Hippo Raises $70 Million

Hippo analyzes data from municipal building records, satellite imagery, and smart home devices to enable customers to get a quote and qualify for coverage “in 60 seconds or less”

California-based home insurer Hippo Insurance Services has raised a $70 million series C round, the company announced Wednesday, bringing its total funding of the company to $109 million. The round was led by Menlo Park, California-based Felicis Ventures and Miami-headquartered home construction company Lennar Corporation.

 

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Lennar executive Eric Feder will join Hippo’s board of directors.

 

San Francisco. Photo: Bloomberg

 

 

Founded in 2015 by Israel-born Assaf Wand and Eyal Navon, Hippo analyzes data from municipal building records, satellite imagery, and smart home devices to enable customers to get a quote and qualify for coverage “in 60 seconds or less.” It also monitors the insured assets and lets users know when repairs or weather protections are needed. The company’s policies are backed by “world-leading” reinsurers, it said.

 

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Hippo intends to use the funding to grow its operations, the company said in a statement.