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Life Health > Life Insurance

Policygenius Raises $100 Million

By Allison Bell

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Policygenius Inc. — A company that sells life insurance and other products through the we— has raised about $100 million in funding from a group of investors.

Kohlberg Kravis Roberts & Co. L.P. organized the round of funding.

Two of the other companies on the investor list are the venture capital arms of Massachusetts Mutual Life Insurance Company and Aegon N.V.’s Transamerica unit.

MassMutual and Transamerica also participated in a $30 million round of funding that was announced in May 2017.

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Policygenius was founded in 2014. The company sells health insurance, disability insurance, pet insurance and property-casualty insurance as well as life insurance.

The company has placed about $45 billion in life coverage since it was founded, according to company figures.

The company says it is generating about $60 million in annualized revenue per year, and that expanded P&C distribution operations have generated about $10 million i revenue in less than 12 months.

The company has added about 180 employees, the company said.

The headquarters offices are in New York. The company says it has added a second headquarters office in Durham, North Carolina.

Policygenius told Durham that it expects to employ at least 377 people in Durham over the next five years, according to the News & Observer, a publication in North Carolina.

A Form D report the company filed with the U.S. Securities and Exchange Commission shows the company offered and sold stock with a value of $111 million. The total offering amount offered and sold included about $11 million from the conversion of outstanding convertible securities, according to the filing.

The form shows that nine investors have invested in the offering.

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Allison Bell

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NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.