Matic, an embedded insurtech platform, announced it raised $20 million as an extension to its Series B. The round includes $17 million in Series B equity co-led by IA Capital Group and Cultivation Capital with participation from existing investors and the majority led by new investors, including Intuit Ventures, TruStage Ventures, and Assurity Ventures. Concurrently, Matic upsized its credit facility by $3 million, bringing new liquidity to $20 million.
The round is underscored by Matic doubling its valuation since their 2020 Series B raise and track record of averaging 100%-plus revenue growth over the past five years. Additionally, Matic has improved its bottom line by 60%-plus over the last year, driven by its highly profitable, recurring revenue model.
Matic’s mission is to simplify the world of insurance. The company is a digital insurance agency built for partners. Matic integrates directly into the home ownership experience to help consumers save time and money on insurance and help partners generate a new revenue stream for their business.
Matic partners with more than 100 lenders, servicers, and banks that collectively process 20% of home loans in the U.S., including five of the top 15 mortgage servicers and a top 10 global bank. Matic recently won contracts from three competitive RFPs and is launching later this year with a top 10 U.S. bank and two top 25 mortgage companies.
"Despite the macroeconomic environment and challenging insurance market, Matic continues to profitably grow," says Ben Madick, CEO and Co-Founder of Matic. "The commitment from new and existing investors demonstrates Matic’s sustainable business model that thrives in all markets through partner-led growth. We are thrilled to partner with Intuit Ventures and be one of the first insurtechs joining their portfolio. This successful round is a testament to the hard work and dedication of the Matic team and I couldn't be prouder of the business we have built together."
New investors include Intuit Ventures, TruStage Ventures, Assurity Ventures, Venice Investments, Bayshore Capital, among others. Additionally, existing investors participated in the round, including IA Capital Group, Cultivation Capital, Fenway Summer, MTech Capital, Nationwide Ventures, and Allstate Strategic Ventures.
"Consumers want a simple, easy, and transparent experience when searching for home insurance," says Adam Coccari, Managing Director at Intuit Ventures. "Matic's insurance marketplace helps customers find the right coverage at the best price. Its ability to provide a seamless, embedded experience has made it a top insurance partner for mortgage companies and banks. We look forward to supporting their growth as they continue to simplify the world of insurance."
The latest growth investment is intended to support Matic in capitalizing on its market leadership as the embedded P&C insurance provider for mortgage and banking institutions and will be used to accelerate partnership expansion. The digital insurance agency plans to invest in product optimizations to continue simplifying the insurance shopping experience through both digital and agent-assisted models. Additionally, Matic will expand its carrier marketplace to address dynamic changes to carrier appetites due to severe weather events and ensure continued coverage across the U.S. Lastly, Matic plans to expand beyond P&C insurance and offer life insurance to provide comprehensive coverage solutions that meet the needs of its growing partners’ customer base.
