Insurtech Company Hippo Scores $350 Million Investment
Hippo logo

Insurtech Company Hippo Scores $350 Million Investment

Palo Alto-based insurtech startup Hippo just announced that it’s raised another $350 million. The impressive raise comes exclusively from Mitsui Sumitomo Insurance Company, Limited and brings the company’s total funding to date to $709 million. Instead of being aside a letter, the round is being described as simply a “venture round.” The investment comes just four months after the company’s $150 million Series E — which already ranked among the largest FinTech deals of the year. As part of the deal, MS&AD Ventures managing partner Takashi Sato will join Hippo’s board of directors as an observer.

Hippo’s goal is to offer homeowners insurance at a better price. Additionally, the company’s policies are made to “ensure homeowners can replace or repair the items that run their home” and utilize the latest smart home technologies to help prevent small issues from becoming major claims. With the investment, Hippo hopes to accelerate its expansion nationwide. Specifically, their goal is to reach 95% of U.S. homeowners over the next year. Currently, the company offers policies in more than 30 states.

Announcing the investment, Hippo Insurance co-founder and CEO Assaf Wand said, “Mitsui Sumitomo is one of the best when it comes to risk management and shares our desire to leverage data and analytics to create better outcomes for homeowners. We’re excited to deepen our partnership and gain additional catastrophe modeling expertise from one of the world’s largest insurers.”

In turn, Mitsui Sumitomo Insurance Company, Limited VP Executive Officer Shinichiro Funabiki stated, “We value the innovation that Hippo brought to the home insurance space through its advanced classification of risk. We look forward to learning from one another through our strategic partnership, providing high value-added products and services to customers of both companies in the U.S. and Japan, and to continue to support Hippo, which quickly became a top insurtech in the U.S. home insurance space and is beloved by its customers.”

This major investment in Hippo comes during what’s been a pivotal year for insurtech. In July, Lemonade — which specializes in renters insurance but has expanded into other verticals such as pet insurance — went public. While it priced IPO shares at $29, the going rate for a share of the company is currently above $68.

By adding half a billion dollars in its coffers during 2020, Hippo Insurance seems well-positioned to reach its expansion goals for 2021. The wind is also to the company’s back as the insurtech industry has proven to be one of the hottest verticals in the FinTech sector this year. So while $350 million may sound big now, don’t be surprised if Hippo announces even larger rounds in the future.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...