Gabi Raises $9.5M in Series A Financing
Gabi, which provides a free, online “personal insurance shopper,” has raised $9.5M in Series A funding, led by Canvas Ventures. Also joining the round are: Correlation Ventures, Northwestern Mutual Future Ventures, Securian Ventures and prior investors A.Capital Ventures and Project A. Gabi plans to use the funds to accelerate its nationwide expansion in 2018.
According to Princeton Survey Research Associates International, 62% of insurance customers believe insurance shopping is too time consuming. The study also found one in three drivers (36%) never shops around for auto insurance quotes. That, according to Gabi, is unfortunate because shopping around often reaps savings of hundreds of dollars a year per customer.
“We estimate roughly $50 billion are overpaid by insurance customers in the US every year, and we’d like to put some of that money back into our customers’ pockets. Instead of relying on insurance agents who may be driven by commission or only compare few quotes, Gabi’s technology automatically scours the 25 largest insurance companies in the US, including Nationwide, Travelers, and Safeco, for the best rates and most relevant offerings” – CEO and cofounder, Hanno Fichtner.
Based in San Francisco, Gabi is automating insurance shopping. The company began offering auto and home insurance in California in 2017. Today, Gabi-sourced insurance is available in California, Ohio, Texas, North Carolina, Pennsylvania and Arizona. Gabi currently offers insurance for auto, home, renters, umbrella and life.
“Gabi’s technology continually ‘comparison shops’ and provides data-driven recommendations. We give our customers peace of mind knowing we are always looking out for them since insurance rates and offerings constantly change. We have seen two out of three of our customers save money on insurance. And the average savings on insurance from using Gabi is $460 per year” – CPO and cofounder Krzysztof Kujawa.
Ps. How long – do you think – before Jerry announces funding?
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The old way of shopping for home and auto insurance was a hassle -- enough to drive anyone crazy, says Gabi Personal Insurance Agency. This is why the Gabi founder floats in with angel wings and demonstrates his service to a frustrated man, which purportedly saves customers over $800 a year on average.