Insurtech Unicorn Hippo Raises $150M
Summary
Insurtech startup Hippo raised $150 million in a new round of funding, bringing its valuation to $1.5 billion. The new funding will be used for expansion, hiring, investment into the company’s tech operations, and to help support its proposed acquisition of an insurance carrier, according to a statement from the company. Hippo uses technology to evaluate a home during the onboarding process and uses features like thermal and satellite imagery to monitor changes to a homeowner’s property over time. Recorded sales growth of 60 percent year-over-year in Q2 of 2020, is something Hippo attributes to many people staying home amid the COVID-19 pandemic. Most recently, insurtech company Lemonade, which offers homeowners, renters and pet insurance, went public and saw its stock surge.