Categories
InsurTech Super Nets $50 Million In Funding For Home Maintenance Subscriptions

InsurTech Super Nets $50 Million In Funding For Home Maintenance Subscriptions

May 20, 2021 at 03:15AM
by PYMNTS

InsurTech Super, which provides subscription-based care for the home, has finished a Series C round with $50 million, bringing its total funding to $80 million, according to a press release.

The round was led by Wells Fargo, a new investor, and other new investors were Asahi Kasei, AAA, Gaingels and REACH, a technology scale-up program created by Second Century Ventures and the National Association of Realtors’ strategic technology investment fund, the release stated.

There was also participation from existing investors Aquiline Technology Growth, Liberty Mutual Strategic Ventures, Moderne Ventures and the HSB Fund of Munich Re Ventures, the release stated.

The company plans to use the money to fast-track growth, expanding in the market and hiring more employees, according to the release. It also plans to add to its service offerings, with more artificial intelligence (AI) capabilities added for better customer experience.

Super is working on home warranty innovations, capturing more data on the home, service provider and on homeowners, the release stated. It will use that data to improve coverage, fraud prevention and automation, including upfront scheduling to claim approval and service delivery.

Home improvement has seen a boom during the pandemic as people have been stuck at home and thus have had more time to work on projects. There were reports of as much as a 58 percent uptick in project leads for home professionals working on adding pools, spas, decks, patios and more.

Outside projects saw popularity in 2020, as did kitchen and bath remodelings, which saw an increase of 40 percent last summer.

“Building a full-stack InsurTech business has put us in a unique position to create a vastly superior customer and servicer experience because we have greater control over our product and operations,” said Super Co-Founder and CEO Jorey Ramer in the release. “Data and technology are critical to delivering this experience and give us a better understanding of the home and the best way to address expected work and costs.”