Hippo, an insurance startup that’s backed by investors including Mary Meeker’s Bond, has just announced that it’s raised $350 million in new funding from a single strategic investor, being the Japanese insurance company MS&AD Insurance Group Holdings. 

The new large round follows a $150 million Series E round that Hippo closed just this July, a round that placed its post-money valuation at $1.5 billion. The valuation that came with the new round isn’t disclosed.

Hippo is a home insurance startup that’s differentiated itself with its data collection skills. The company gathers customer data from sources including a smart device kit that’s placed in its users’ homes. With its more modern data collection, the company aims to sell better insurance policies to its users.

Just like in the case of many insurance startups, Hippo itself isn’t a primary insurer but has its policies underwritten by other bigger re-insurers. It’s akin to a stack built atop an already established insurance market, acting as a middleman that’s looking to make the insurance process more efficient.

Focusing on home insurance, Hippo is available in over 30 states in the US. The company has expanded rapidly since it officially debuted its insurance marketplace in 2017.

With its new $350 million raise, Hippo has now raised a total of over $700 million in equity funding.

Photo: Hippo CEO Assaf Wand|Hippo

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