Austin Startup in the News: Hippo
Featured image by Hippo Insurance Since 2015, Hippo, a Palo Alto-based insurance startup has had its eyes on the prize. In 2017 the insurtech company sold its first policy. Two...
Featured image by Hippo Insurance
Since 2015, Hippo, a Palo Alto-based insurance startup has had its eyes on the prize. In 2017 the insurtech company sold its first policy. Two years later it gained the status of unicorn after a $100 million Series D round raised the valuation to $1 billion. Today, the company’s valuation sits at $1.5 billion. In the last Series E round, Hippo raised $150 million bringing the total amount raised to $359 million.
What does Hippo plan to do with the new funds? Build a new campus in Austin! The campus is estimated to serve over 300 employees. The current company headcount is 280 with 145 in the Austin area. Hippo estimates 100 more hires this year across Austin, Dallas and Silicon Valley offices. The company is currently recruiting for engineers, sales reps, project managers, and more. In addition, the company plans to expand operations beyond the 29 states they currently service.
By 2021, the unicorn startup hopes to go public. To understand the significance of what going public would mean for Hippo, look at homeowner insurance company and competition, Lemonade Inc.. Last month, Lemonade Inc. increased its stock to $4.6 billion, tripling its market capitalization with $300 million in initial public offering.
As far as long term goals for Hippo, the company hopes to be more than just home insurance. Hippo CEO, Assaf Wand, visualizes an age where Hippo can be an all in one service from providing insurance for your home to helping with home DIY projects. The company currently specializes in writing home insurance policies and is backed by big names in the industry such as FinTLV, Dragoneer, Comcast Ventures and more to provide its customers anything they could possibly need home-wise.
The company is unique in that it pulls together data from public records, thermal imaging and smart home devices to provide users with an insurance quote in 60 seconds or less. Eyes across the nation now rest on the insurance tech startup, Hippo, as it moves onto its next business venture and strives to deliver excellence.
About Savannah Burns: Savannah is a marketing and communications intern for Swyft, which has been listed as one of the best PR firms in Austin and a top digital marketing agency in Denver since its founding in 2011. Swyft has satellite offices where it offers PR in San Francisco and Houston.