Insurify received $ 100 million in funding

US virtual insurance agent Insurify has received $ 100 million in funding from current and new investors, the company said. The platform will use the new funding to expand its operations and accelerate its growth plans. This includes further expanding and diversifying the company’s insurance product verticals, including more real-time offers, improving product functionality, caring for existing and potential customers beyond the time of product purchase, increasing brand awareness and hiring more employees, both in the United States and in Bulgaria, point out.

Insurify was founded in 2013 by Snezhina Zaharia, Todor Kiryazov and Giorgos Zaharia. Then Snezhina Zaharia, now CEO, found a niche market and decided to build a web platform where consumers receive real-time personalized car, home and life insurance quotes from both large and regional insurance companies in the United States and have the opportunity to buy their insurance the way they prefer – by phone or online.

Existing investors Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures, Moneta VC, as well as the new Viola Growth and Fort Ross Ventures have joined the funding.

So far, along with the completion of Serie A funding in the fourth quarter of 2019, Insurify has received a total of $ 128 million in funding. As a result, the company increased its revenues six times and achieved a combined annual growth of 151% for the last three years.

Following the completion of Serie A funding in 2019, Insurify is successfully expanding its real estate insurance market, offering instant service to its customers and launching its first two integrated insurance products through partnerships with Toyota Insurance Management Solutions and Nationwide (which participates in the investment round ). Insurify also achieved a 260% increase in its employees globally. Insurify’s steady 2.5-fold annual revenue growth, despite the effects of the COVID-19 pandemic, is proof of the strength of such a product to provide financial protection for consumers across America, helping many to reduce their costs immediately. of the crisis.

Earlier this year, Insurify announced the opening of a development center in Sofia, attracting an experienced team of software engineers and artificial intelligence experts from Skyscanner. The company’s office is actively growing in other areas – such as product design, marketing and advertising, with the ambition to double next year.

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