Matic Insurance announced the close of a $24 million funding round led by IA Capital Group.
“With our B round secured, we will be able to further support customer and partnership demand across new channels. I am excited to have our new investors on board and for our existing investors to continue to support our mission of simplifying insurance. I am thrilled to have Andrew Lerner join our board of directors, bringing 25 years of financial services and insurance industry experience to our team of over 150.” – Matic CEO, Ben Madick.
“Matic has been synonymous with expertise in insurtech since their inception a few years ago. We chose to partner with Matic because of their unrivaled proprietary technology, differentiated distribution, and the customer-focused vision and values carried forth by their team. We look forward to seeing Matic’s growth continue as they expand their product offerings, partnerships, and internal talent.” – Managing Partner, IA Capital, Andrew Lerner.
Amid the COVID-19 pandemic, Matic’s customer-centric model continued to grow and navigate the changing home buying and refinancing landscape, seeing a 40% increase in customers leveraging the platform in Q2 compared to Q1. Throughout this time they maintained their industry-leading NPS of 88 and continued to save customers over 30% per year.
In addition to IA Capital, participating investors include Cultivation Capital, Clocktower Technology Ventures, MTech Capital, The K Fund, Protection America, Nationwide Ventures, Anthemis Group, ManchesterStory, Franklin Madison, and Fenway Summer.
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