Hippo Insurance Services
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Hippo Insurance Services - overview
Established
2015
Location
San Jose, CA, US
Primary Industry
Insurance
About
Founded in 2015 by Assaf Wand and Eyal Navonand, and based in California, US, Hippo Holdings Inc. , aka Hippo (NYSE: HIPO) is a holding company that through its subsidiaries operates as an InsureTech company that offers home insurance plans. The company provides policy suggestions and price quotes by tapping into public records, satellite imagery, and smart home sensors. Also, its insurance products are underwritten by various licensed insurance companies.
In July 2020, Hippo Insurance Services raised USD 150 million in Series E funding from Dragoneer Investment Group, FinTLV Ventures, Innovius Capital, MS&AD Ventures, Next Play Capital, and Ribbit Capital. The round gave the company a USD 1. 5 billion post-money valuation. The company offers access to home-care services and ongoing home maintenance through Hippo Home Care.
The company's core offerings include comprehensive home insurance policies that mitigate common household risks such as leaks, fire, and electrical issues. It also offers Hippo Smart Home program which offers eligible customers complimentary smart home devices to alert homeowners of potential issues such as water leaks. Hippo Holdings Inc. operating subsidiaries include Hippo Insurance Services, Hippo Home Care, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company.
The company will use the July 2020 funding to accelerate the company’s expansion, including reaching 95% of the U. S. homeowner population in the next 12 months, hire people, invest in its technology operations, and support the company’s proposed acquisition of a national insurance carrier.
Current Investors
Granite Asia, iGlobe Partners, RPM Ventures
Primary Industry
Insurance
Sub Industries
e-Financial, Insurance Intermediaries, Personal Insurance, Search Engines
Website
www.hippo.com
Verticals
Artificial Intelligence, InsureTech, Mobile Apps
Total Amount Raised
Subscriber access only
Hippo Insurance Services - deals
| Deals Type | Deal Status | Target (s) | Deal Date | Investor(s) | Seller(s) | Deal size (Mn) | Enterprise value (Mn) | Post-money valuation (Mn) | EBITDA multiple (x) | Revenue multiple (x) | Lead partner (s) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Buyout | Completed | First Connect Insurance Services, LLC | - |
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