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$150 million fundraising round by Hippo reflects changing housing market

Dan Primack, author of Pro Rata

Illustration: Sarah Grillo/Axios

Hippo, a Palo Alto, Calif.-based home insurance startup, raised $150 million in Series E funding at a $1.5 billion valuation.

Why it matters: This reflects rising home sales, falling mortgage rates, and the highly successful IPO and aftermarket performance of rival Lemonade.

  • New investors Dragoneer, Ribbit Capital, FinTLV, and Innovius Capital were joined by return backers Felicis Ventures and Iconiq Capital.
  • Hippo has now raised around $310 million in total funding, including a Series D round last July at a $1 billion valuation.

The bottom line: "Hippo sells policies in 29 states, after working to get regulatory approval from those state insurance watchdogs. It struck a deal in June to buy Spinnaker Insurance Co., giving it an insurance carrier while still allowing it to have a portion of its premiums underwritten by other insurance partners," Bloomberg notes.

Go deeper

Dan Primack, author of Pro Rata
Oct 6, 2020 - Economy & Business

Fitness company ICON valued at over $7 billion after new funding round

Illustration: Sarah Grillo/Axios

ICON, a Utah-based connected fitness company whose brands include NordicTrack, raised $200 million in growth equity funding at a valuation north of $7 billion. L Catterton led, and was joined by Pamplona Capital Management.

Why it matters: L Catterton previously backed rival Peloton, holding a 5.4% stake at the time of IPO (it since appears to have divested).

Go deeper (<1 min. read)Arrow
Rebecca Falconer
5 hours ago - Politics & Policy

In photos: Protests outside fortified capitols draw only small groups

Armed members of the far-right extremist group the Boogaloo Bois near the Michigan Capitol Building in Lansing on Jan. 17. About 20 protesters showed up, AP notes. Photo: Seth Herald/AFP via Getty Images

Small groups of protesters gathered outside fortified statehouses across the U.S. over the weekend ahead of President-elect Joe Biden's inauguration Wednesday.

The big picture: Some protests attracted armed members of far-right extremist groups but there were no reports of clashes, as had been feared. The National Guard and law enforcement outnumbered demonstrators, as security was heightened around the U.S. to avoid a repeat of the Jan. 6 U.S. Capitol riots, per AP.

See photos (<1 min. read)Arrow
Felix Salmon, author of Capital
7 hours ago - World

China's economy grows 6.5% in Q4 as country rebounds from coronavirus

A technician installs and checks service robots to be be used for food and medicine delivery in Jiaxing, Zhejiang Province, China, on Sunday. Photo: Hu Xuejun/VCG via Getty Images

China's economy grew at a 6.5% pace in the final quarter of 2020, the national statistics bureau announced Monday local time, topping off a year in which it grew in three of four quarters and by 2.3% in total.

Why it matters: No other major economy managed positive growth in 2020. Although the COVID-19 pandemic was first detected in China, the country got the virus under control and became one of the main positive drivers of the global economy even as the rest of the world was largely under lockdown.

Go deeper (<1 min. read)Arrow