Hippo, a Mountain View, Calif.-based tech-enabled home insurance startup, raised $70 million from a venture capital group led by Felicis Ventures and Lennar Corp., with Venice’s fledgling venture capital firm Fifth Wall Ventures also participating.
Hippo has raised $109 million to date, including a $25 million Series B fund earlier this year that Fifth Wall led.
In an interview, Fifth Wall Ventures co-founder Brendan Wallace said his firm introduced homebuilder Lennar, which is a strategic limited partner in Fifth Wall, to Hippo. “We facilitated that relationship,” said Wallace, who declined to disclose his firm’s Series C investment.
Fifth Wall’s mission is to introduce startups with unique technology offerings to legacy property-owner firms.
“Homebuying is the engine of the American economy, but the process for acquiring homeowners insurance – a requirement for most homeowners – has been predominantly analog, arduous and inefficient,” said Wallace in a statement.
With this funding, Hippo will focus on improving the buying of home insurance as part of the homebuying process.
Finance reporter Pat Maio can be reached at email@example.com or (323) 556-8329.
For reprint and licensing requests for this article, CLICK HERE.