Insurance brokerage platform Policygenius announced the closing of $125 million of new growth capital, bringing the insurtech’s total funding to more than $250 million.
The platform, launched in 2014, allows customers looking for life, disability, home and auto insurance to search and buy policies and manage their insurance portfolios.
The company said it will use the new capital to continue to invest in the growth of its core businesses, as well as new no-exam life insurance offerings and Policygenius Pro, which opens the life insurance platform to business-to-business distribution partners.
Since 2014, it has sold $160 billion in all insurance coverages, according to the company. The agency said it wrote $40 billion of new life insurance coverage, nearly 70% more than it wrote in 2019.
All existing major investors participated in the latest round, including KKR, Norwest Venture Partners, and Revolution Ventures. New investors included several of the largest annuity and life insurance carriers in North America, like Brighthouse Financial, Global Atlantic Financial Group, iA Financial Group, Lincoln Financial, and Pacific Life.
The investment of these carriers is in addition to investment by existing investors that included AXA Venture Partners and MassMutual Ventures.
Also, as part of the financing round, ORIX Corp. USA’s Growth Capital group provided a new credit facility for the company to help finance its growth, and Policygenius refinanced its existing senior loan facility with JPMorgan Chase.
Policygenius Inc., a Delaware corporation with its principal place of business in New York, New York, is a licensed independent insurance broker.
Users can shop for policies from top insurers including Allstate, Travelers, Nationwide, Liberty Mutual, Progressive, AIG, Chubb, Hippo, MetLife, Prudential, Lincoln Financial and Pacific Life.
Players Health Raises $28 Million
Youth sports platform Players Health has closed on a $28 million funding round to further its mission of creating safer and more accessible environments for kids to play sports.
The technology platform’s lead investors for this round of funding include three-time NBA Champion Andre Iguodala’s firm Mastry Ventures, and global specialty insurer and reinsurer SiriusPoint Ltd. In addition, current investors RPM Ventures, EOS Venture Partners, and Will Ventures also contributed to the latest round of funding.
Players Health uses technology, unique data insights, and risk management, along with a suite of insurance products, to help protect young athletes. Players Health is currently working with organizations such as U.S. Youth Soccer, NFL Flag Football, i9 Sports, and USA Cheer.
“Today more than ever before, mental and physical health and safety are paramount in sports, at every level,” said Iguodala of the Golden State Warriors. “Growing up playing multiple sports and now having kids of my own, the next generation of athletes deserve a safe and accessible environment and experience. I’m proud to invest in Players Health to ensure athletes feel safe in every sports endeavor on and off the field and court.”
Minneapolis-based Players Health said it will use the funds to continue to invest in technology and people to expand safety and insurance offerings for sports organizations.
Current offerings from Players Health include coaching and staff credentialing; education and training; injury reporting and safety scores; abuse reporting and investigations; and insurance products including general liability, accident & health, professional liability and property, as well as claims reporting.
Topics InsurTech Tech Funding
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