EverQuote Closes $23 Million Series B Funding To Rapidly Scale Personal Risk Marketplace
Funds will accelerate sales expansion and product development
Cambridge, MA, October 20, 2016 - EverQuote, Inc., the leading insurance marketplace, today announced that it closed a $23 million dollar Series B investment led by Maryland-based Savano Capital Partners, with participation from Stratim Capital, Oceanic Partners and T Capital Partners. EverQuote will use the funding to further accelerate growth by increasing its investment in sales and product development. It will also afford the company greater flexibility to continue development of its personal risk marketplace.
Founded in 2011, EverQuote utilizes proprietary technology and data to match, advise and connect insurance shoppers with carriers and agents, both online and offline. EverQuote’s customer base includes many of the largest U.S. underwriters, and over 5,000 insurance agencies. Since inception, EverQuote has grown to 5 million consumer visits per month and made over 50 million referrals resulting in over $3 billion of premiums for carriers and agents and an estimated $500 million in savings for consumers.
In a fiercely competitive market, insurance carriers and agents are shifting advertising spend away from broad-based media to measurable online channels. EverQuote’s intelligent technology engages active shoppers best matching carrier and agents’ underwriting strengths, reducing the cost of consumer acquisition. For consumers, EverQuote is the most efficient tool to shop and save on insurance with the most complete set of product options.
In 2016, EverQuote launched EverDrive, a free iOS and Android safe driving app for social insurance engagement. EverDrive helps consumers identify and correct their potentially costly, and deadly, driving habits. At scale, EverDrive will create a safer driving population resulting in fewer claims and losses, and ultimately lower cost insurance for consumers. EverDrive represents the first step in EverQuote’s development of a personal risk marketplace to make consumers safer while saving money.
"We’re incredibly excited about EverQuote and the opportunity to partner with Seth and his team. EverQuote is the premier online marketplace partner for insurers,” said Tom Smith, Managing Director of Savano Capital Partners. “Its proprietary technology and targeted approach create a compelling value proposition for carriers, agents and consumers in a notoriously inefficient market. We’re confident that EverQuote is poised for many years of continued growth and look forward to serving as the company’s investment and capital partner along the way."
“We have experienced tremendous growth the past three years, and this funding will help EverQuote continue to grow quickly while we develop a unique personal risk marketplace for consumers and insurance providers,” said EverQuote CEO, Seth Birnbaum. “There’s a vast opportunity in unifying our proprietary technology and data with information from increasingly connected consumers to become the trusted source for risk related products and services online.” "We are very excited to make one of Stratim's largest investments to date in EverQuote,” said Zach Abrams, Managing Partner at Stratim Capital. “We focus on investments in market leading growth-stage companies and EverQuote’s market leading technology platform, customer analytics and experienced management team are perfect for the Stratim Growth Fund."
Founded in 2011, EverQuote, Inc. operates the largest insurance marketplace. The company’s data & technology platform unites drivers with agents and carriers to deliver great rates and coverage while maximizing policies sold for insurance providers. EverQuote was founded with the vision of applying a scientific, data-driven approach to help consumers find the best price and coverage for their individual insurance needs while driving down costs for insurance providers. For more information, visit EverQuote.com and follow on Twitter @EverQuoteInsure.