Goji Raises $15M, Sounds Like a Call Center
A reason to not include total funding in latest press release: when you have nothing to show for it. #insurtech
— Coverager® (@coveragerinc) November 15, 2017
Goji announced a $15 million investment round led by Hudson Structured Capital Management, doing business as HSCM Bermuda . The home and auto insurance agency (licensed in 41 states) has previously raised a bit over $89M from Thayer Street Partners, Spark Capital and Coffin Capital & Ventures; to name three.
Recall: the company was originally founded in 2007 as Consumers United and has since rebranded to Goji. It recently announced Peter Breitstone as its new CEO.
Avi covered Goji back in March and insinuated that it’s only a matter of time till the company raised more money: “According to LinkedIn, Goji, which raised a total of $89.2 million, enjoys the devotion of 168 employees. In its most recent funding, which occurred in June 2016, the company raised $19 million. Let’s do the math. Assuming an average salary of $30,000 a year according to Indeed and Monster, Goji is burning just over $5 million a year on salaries alone. Makes you wonder how long before Goji announces a new round of funding?”
As it stands, Goji currently employs 181 peeps and sounds a lot more like a call center than an online insurance firm. “The company has expanded its sales force of insurance agents and customer service representatives who interact, one-on-one, with buyers.” And if that’s not enough, then there’s “We believe they have built a platform that represents the right next step in the evolution of how insurance will be sold – a hybrid online and offline model” – partner at HSCM Bermuda, Vikas Singhal.