Insurance startup Hippo reaches $1.5 billion valuation as it raises $150 million, but the CEO says getting funded during a pandemic was hard
Home insurtech startup Hippo said Tuesday it had secured $150 million in Series E funding, bringing the unicorn's valuation up to $1.5 billion.
Hippo plans to hire 100 new employees and is building a new office in Austin, Texas as it prepares for an IPO it hopes to complete in 2021.Home insurance tech startup Hippo announced Tuesday it had pulled in $150 million in a Series E funding round that boosted its valuation to $1.5 billion. But getting there wasn't easy.The unpredictable economic fallout of the COVID-19 pandemic was to blame.
Venture firms FinTLV, Ribbit Capital, Dragoneer, and Innovius Capital participated in the funding round that was based on a $1.5 billion valuation, according to an official release. Hippo had alreadyby reaching a valuation of at least $1 billion during a funding round in 2019. Hippo plans to hire 100 new employees and is building a new office in Austin, Texas ahead of its planned 2021 IPO, according to the release. Sales were up 60% in the second quarter of 2020 compared to the same time last year, according to the statement.
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