Insuretech unicorn Hippo Enterprises Inc. on Tuesday said it raised $350 million in its second megafunding of the year.
The Palo Alto company's giant round came from Japan-based Mitsui Sumitomo Insurance Co. Ltd., a subsidiary of MS&AD Insurance Group Holdings Inc.
MS&AD Ventures, the corporate venture capital fund of Tokyo-based MS&AD Insurance, formed a strategic partnership with Hippo when it participated in a $150 million Series E funding in July. That round was led by FinTLV Ventures and gave Hippo a valuation of about $1.5 billion.
It joins 21 other Bay Area companies that have raised $100 million or more in multiple funding rounds this year. The photo gallery below takes a closer look at all of them.
Here are 21 Bay Area companies that have raised more than one venture round in 2020 and have scored $100 million or more, according to PitchBook Data.
Hippo said the funding will help it roll out products in additional states, with the goal to reach 95% of the U.S. homeowners population in the next year, as well as providing additional capital for its insurance and reinsurance companies.
CEO Assaf Wand told the Business Journal over the summer that his ultimate goal is to push beyond insurance to sell a number of products and services to homeowners.
"If there is something you need for your home, you are going to call us," Wand said then. "If you are locked out of your house and you need a locksmith, we are going help you with that. If you have a DIY project you need help with, you will call us. If you have a checkup you need on the house, call us. Or if you have a problem with your computers, eventually you can call us."
Wand said in Tuesday's announcement that Mitsui "is one of the best when it comes to risk management and shares our desire to leverage data and analytics to create better outcomes for homeowners.”
Hippo and Mitsui Sumitomo said they plan to sign a reinsurance treaty in which the Japanese company will take on a portion of risk to support Hippo’s insurance company, a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company.
As part of Tuesday's round, Takashi Sato, a managing partner of MS&AD Ventures, will join Hippo’s board as an observer.