Insurtech Unicorn Hippo Plans An Active Future Using $150M Funding Towards Home Monitoring And Smart Devices For Homeowners
Insurtech startup Hippo received $150 million in funding and is now valued at $1.5 billion. This is planned to be used for hiring, improving the tech operations, expansion, and to help with the acquisition of an insurance carrier. Hippo is working towards reaching 95% of U.S. homeowners by the coming 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.
Its smart home program will alert smart home owners to issues like water leaks.
In their announcement last month, the company talked about its plans to acquire Spinnaker Insurance Company. They are also working towards hiring more staff for their Palo Alto headquarters in addition to their workplaces in Dallas and Austin. Hippo started offering its customers insurance policies in 2017 and today, they have a solid presence in 29 states. Insurtech company Lemonade, mainly known for its insurance for renters, homeowners, and pets, saw its stock soar after going public.
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