Goldman Backs Startup DealerPolicy in $110 Million Funding Round

Goldman Sachs Group Inc.’s asset manager is backing startup DealerPolicy in a funding round that raised $110 million for the company, which provides auto dealers with insurance quotes for their customers.

The financing was led by Goldman Sachs Asset Management’s growth equity business, and included existing investors such as 3L Capital and Hudson Structured Capital Management Ltd., according to a statement Thursday. The latest round gives the company a valuation of more than $500 million, according to DealerPolicy Chief Executive Officer Travis Fitzgerald.