This latest funding boost comprises $17 million in Series B equity and is co-led by IA Capital Group and Cultivation Capital.
Noteworthy participation comes from TruStage Ventures, Assurity Ventures, Venice Investments, Bayshore Capital, Fenway Summer, MTech Capital, Nationwide Ventures, and Allstate Strategic Ventures.
Simultaneously, Matic has expanded its credit facility by an additional $3 million, resulting in a total infusion of $20 million in new liquidity.
Founded in 2014, Matic Insurance specialises in offering home and auto insurance through strategic partnerships. The company boasts collaborations with over 100 lenders, servicers, and banks, collectively facilitating the processing of 20% of home loans in the United States.
Looking ahead, Matic has outlined ambitious plans to broaden its carrier marketplace to adapt to the evolving landscape of carrier appetites. Furthermore, the company envisions venturing into the life insurance sector in the near future.
This latest funding injection positions Matic Insurance for further growth and innovation in the insurance industry as it continues to navigate dynamic market trends and expand its product offerings.
Ben Madick, CEO and co-founder of Matic, said: “Despite the macroeconomic environment and challenging insurance market, Matic continues to profitably grow. The commitment from new and existing investors demonstrates Matic’s sustainable business model that thrives in all markets through partner-led growth. We are thrilled to partner with Intuit Ventures and be one of the first insurtechs joining their portfolio. This successful round is a testament to the hard work and dedication of the Matic team and I couldn’t be prouder of the business we have built together.”
Adam Coccari, managing director at Intuit Ventures, commented: “Consumers want a simple, easy, and transparent experience when searching for home insurance. Matic’s insurance marketplace helps customers find the right coverage at the best price. Its ability to provide a seamless, embedded experience has made it a top insurance partner for mortgage companies and banks.”
He added: “We look forward to supporting their growth as they continue to simplify the world of insurance.”
Author: Joanna England