InsurTechProptech

Insurtech Super raises $50 million in funding round led by Wells Fargo Strategic Capital

Insurtech Super has nabbed $50 million in a Series C funding round led by Wells Fargo Strategic Capital.

The company, which provides subscription care for homes, will use the fresh capital to scale its offerings, market expansion and hire more employees according to a press release. Using artificial intelligence the company will also bulk up its technology.

Based in San Francisco, Super has gained some serious traction this past year, seeing 7x revenue growth since it raised its Series B round in 2019. The startup serves in Austin, Chicago, Dallas, Houston, Phoenix, San Antonio, and Washington, D.C.

“The challenges of ongoing repairs and maintenance resonates with every homeowner, and Super provides an experience that is convenient for the customer, while boosting job visibility for local contractors and businesses. We look forward to seeing them continue to widen their geographic footprint and expand their product offering,” Matthew Raubacher, managing director for WFSC’s Principal Technology Investments Group, said in a statement.

Super is aiming to “reinvent” the home warranty insurance space with its platform that provides data on service providers, the home and homeowners. Super’s subscription-based platform helps with coverage, fraud prevention and automation through its scheduling, claim approval and service delivery process. The company partners with local services to deliver home repair and maintenance services.

“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,” Jorey Ramer, co-founder and CEO, Super, said in a statement. “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.”

In other recent news, Hearth, a loan app for home repair contractors has raised $23 million in a Series B funding round. The Austin, Texas-based company founded in 2016 by CEO Anthony Ghosn and Nikhil Pai, is a marketplace that lets “contractors quote monthly payments in real-time as opposed to one lump cost,” per the company’s release.

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