Insurance comparison site The Zebra has raised a $150 million Series D funding round valuing the company at over $1 billion.
The Austin-based company has raised more than $250 million to date and the round came from new and previous investors including Weatherford Capital and Accel, according to a press release.
The Zebra has seen some impressive growth, its net revenue rose from $37 million in 2019 to $79 million in 2020 with a current annual run rate of $150 million. The company’s headcount grew almost 60% since early 2020, from about 200 employees to over 325 employees. Also, its monetization unit economics rose 100% year over year.
The Zebra’s insurance comparison site has a “real-time quote comparison tool,” that customers can use to look at insurance companies with its coverage, service level and pricing to suit their needs.
“This investment is going to be used to grow our team and build our brand. We are accelerating our efforts to make The Zebra a household name and help educate, empower and advise consumers to find the best policies for their unique needs, no matter where they are in their lives,” Keith Melnick, CEO, The Zebra said in a statement.
The company aims to continue to increase customer awareness through various methods, including a national advertising campaign, adding more tools and information for customers, growing home and auto bundling offerings and personalized experiences powered by machine learning.
“As one of the earliest investors in The Zebra, this inflection point in the company’s history is something I’ve been eagerly anticipating. ‘Startup’ isn’t the right word anymore. The Zebra is a full fledged tech company that is taking on – and solving – some of the biggest challenges in the $638B insurance industry,” Mark Cuban, Entrepreneur and Governor of the Dallas Mavericks, said in a prepared statement.
In other recent insurtech news, Next Insurance has raised $250 million in new funding that has doubled its valuation to $4 billion. The insurtech company, which provides small business insurance that is tailored to small businesses and self-employed folks, brings its total funding to date to over $880 million.