Insurtech Unicorn Hippo Raises $150M

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 has a goal of reaching 95 percent of U.S. homeowners in the next year.

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. It also has a smart home program–the company will provide smart home devices to homeowners, which will alert them of things like water leaks.

New investors in the Series E round include FinTLV Ventures, Ribbit Capital, Dragoneer Investment Group and Innovius Capital. The company last raised money in July 2019 with its $100 million Series D led by Bond, per Crunchbase.