Hippo (company)
| Company type | Public |
|---|---|
| Industry | Insurance |
| Founded | 2015 |
| Founder | Assaf Wand, Eyal Navon |
| Headquarters | San Jose, California , United States |
Area served | United States |
Key people | Assaf Wand (Executive Chairperson), Richard McCathron (CEO) |
| Products | Homeowner's insurance policies |
| Website | hippo |
Hippo Holdings Inc. is a U.S.-based property insurance company with its main office located in San Jose, California. The firm offers homeowner's insurance policies that protect residences, personal belongings, and cover liability for incidents occurring on insured premises. Hippo utilizes AI and big data technologies to assess property-related data.
Insurance products are distributed by Hippo both directly to consumers and via independent brokerage channels.
History
Established in 2015 by Assaf Wand—formerly an Intel Capital investor and McKinsey consultant—and entrepreneur and software engineer Eyal Navon, Hippo was launched with the goal of transforming the conventional insurance sector. Wand’s motivation was influenced by his father’s extensive experience in the industry.
In December 2016, the company secured $14 million through a series A funding round aimed at advancing product development, followed by its market debut in California in April 2017. Hippo highlighted a streamlined online quoting process lasting 60 seconds and incorporated smart home sensor technology to mitigate potential damage.
By November 2018, Hippo had raised $25 million in series B financing led by Comcast Ventures and Fifth Wall Ventures, which supported the expansion of customer service operations into Austin, Texas. That month also saw a $70 million series C round led by Felicis Ventures and Lennar. By March 2019, Hippo insured properties representing over half of U.S. homeowners with a total insured value of $50 billion, alongside reporting a 25% increase in monthly sales.
In July 2019, the company obtained $100 million in series D funding led by Bond Capital, achieving a valuation of $1 billion. This was followed by a $150 million series E round in July 2020. Later that year, in November, Mitsui Sumitomo Insurance Company invested $350 million into Hippo.
In November 2019, Hippo expanded its service offerings through the acquisition of Sheltr, a startup specializing in technology-driven home wellness services.
The firm transitioned to public trading via a special-purpose acquisition company on the New York Stock Exchange in August 2021. In June 2022, amid a notable drop in stock price post-IPO, Wand assumed the role of executive chairperson while seasoned insurance executive Richard McCathron was appointed CEO.
External links
- Insurance companies of the United States
- American companies established in 2015
- Online insurance companies
- Companies based in San Jose, California
- Companies listed on the New York Stock Exchange
- 2015 establishments in California
- Financial services companies established in 2015
- Special-purpose acquisition companies