KKR teams with VC firms on $100M insurtech round

Policygenius, a New York-based online insurance startup founded in 2014, has secured a $100 million Series D led by private equity behemoth KKR. Existing investors including Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures also supported the fundraise.

KKR's investment hails from its second Next Generation Technology Growth Fund, which closed on $2.2 billion earlier this month. It's dedicated to growth equity tech deals that can take the form of either minority or majority stakes.

The deal comes hot on the heels of a record-breaking year for the insurtech industry. Companies in the space amassed nearly $4.3 billion in 2019, according to PitchBook data—a major jump from the $2.7 billion raised the year prior.

News & Analysis

Related content