The insurance price comparison platform raised the money in an American Family-backed series B round that will fund hiring and carrier growth.
CoverHound, the US-based operator of an insurance price comparison platform, secured $14m in series B funding today from investors including American Family Ventures, the venture capital subsidiary of American Family Insurance.
The round also featured VC firms RRE Ventures, Blumberg Capital, Bullpen Capital, Core Innovation Capital, Tugboat Ventures and Route 66 Ventures, and angel investor Thomas Lehrman.
Founded in 2010, CoverHound’s platform enables users to find, compare and purchase auto, homeowner, renter and motorcycle insurance policies in a single place. It sold $17m worth of policies in 2014 and expects to sell $45m of policies this year.
The round followed an $8.2m series A round raised in 2013 from RRE, Blumberg and Bullpen, as well as an investment by media company Source Interlink in 2012 and $750,000 in seed funding from Blumberg in 2011.
The capital will fund carrier growth and integration with services provided by larger companies, such as internet company Google, as well as the addition of additional engineering and operations staff.
Keith Moore, chief executive of CoverHound, said: “With our B round now secured, we will continue to expand our team and reach even more insurance shoppers online through new, high profile partnerships.
“Welcoming more fintech-focused investors to an already strong group has us well positioned to provide the best possible consumer experience.”
