We are very excited to announce our investment in Boston-based Insurify. MTech Capital led the company’s $23M Series A financing along with Viola FinTech.
Insurify is a U.S. price comparison site for the purchase of auto insurance. Price comparison websites have been conspicuously absent from the retail auto insurance market in the US, where currently less than 10% of auto insurance is purchased via this channel – the equivalent figure in the UK is over 60%. We believe the US auto insurance market will develop in line with the UK, with aggregators becoming a major distribution channel over time.
Our decision to invest in Insurify reflects our confidence in its talented CEO, Snejina Zacharia and the strong team she has assembled with assistance from her husband and co-founder, Giorgos Zacharia (CTO of Kayak). MTech believes Insurify is well-positioned to be a market leader in the growing U.S. insurance price comparison space.
MTech will join Insurify’s board of directors. We look forward to working with Snejina and the rest of the board to support the Company in executing its expansion plans, which will be funded by this Series A.
The startup, which had accepted just $6.6 million over two rounds before its latest investment, has raised $23 million in a Series A led by MTECH Capital and VIOLA FinTech.