DealerPolicy raises $110 million

Williston, VT-based insurance agency Polly closed a $110 million Series C investment round led by the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) with participation from existing investors including 3L Capital and Hudson Structured Capital Management. The company has previously secured $74 million across 3 rounds of funding .

DealerPolicy will expand its operations to further develop and embed insurance throughout the entire car shopping and ownership experience. The company intends to triple its product and engineering teams over the next 12 months by hiring new talent. Additionally, the company will increase investments in strategic partnerships.

“We started the company with the vision of providing a more convenient, transparent, and connected car-buying experience. The funding comes at a time when we’re seeing mainstream adoption of automotive insurance into dealer sales and F&I processes driven by consumer desire for new dealership practices. This investment will allow us to advance our next-generation F&I offering, which provides consumers with competitive coverage options and tangible savings, as well as greatly increases dealer profitability.” – Travis Fitzgerald, Co-Founder and CEO of DealerPolicy.

According to the company, it reaches a network of over 1,000 dealers, 40 insurance carriers, and has written over $200 million in total premiums for car-buyers nationwide since establishing the company in 2016.

Bottom Line: Indirectly competing with Carvana/Root.