Layoffs at Insurify
Based on information obtained by Coverager, Insurify laid off 14-18 employees last week.
This isn’t the first round of layoffs at Insurify – last July, the company cut about 20 employees. Several VPs have also left the company including VP of partnerships Hayden Broberg and VP of SEO Jeff Kandel.
According to our sources, Insurify is struggling with recent marketing cuts made by some large carriers because its primary source of revenue is advertising rather than actual insurance sales. We also learned that the company is trying to build new acquisition channels beyond its primary ones which include search engines and other insurance comparison sites. The goal is to be able to diversify its user mix.
In September 2021, Insurify closed a $100 million Series B round, bringing its total funding to date to ~$130 million. Some of the backers include MassMutual Ventures, and Nationwide Ventures.