SAN FRANCISCO, March 9, 2015 -- CoverHound, the leading platform for comparing and purchasing insurance, announced that the company raised $14 million in Series B financing. Existing investors RRE Ventures, Blumberg Capital and Bullpen Capital participated in the latest round, as did new investors Core Innovation Capital, Thomas Lehrman, Tugboat Ventures, Route 66 Ventures and American Family Ventures, the venture capital arm of American Family Insurance. Arjan Schütte, Managing Director at Core Innovation Capital, and Ryan Katz, General Partner at Route 66 Ventures, joined the CoverHound Board of Directors.
The new funding will support CoverHound's carrier growth and integrations with large marketing partnerships like Google Compare, a financial research tool launching in select states in the months ahead. At its San Francisco office, CoverHound will hire additional engineers to facilitate such partnerships and to support ongoing carrier integrations. CoverHound will also hire more staff for its insurance agency operations center in Southern California. The company recently doubled its office space in Westlake Village, CA to accommodate this rapid growth.
CoverHound allows consumers to easily find, compare and purchase insurance policies on one site. Currently, the platform offers auto, homeowners, renters and motorcycle insurance from 21 carriers, 17 of which are auto insurance specific. Users can get accurate, personalized quotes and purchase a policy within minutes. Unlike typical insurance engines that route visitors to numerous other websites or sell personal data to third parties, CoverHound is a one-stop shop dedicated to protecting consumer privacy. The company employs a team of licensed insurance agents that can help customers choose the right policy to fit their needs.
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