Matic raises $20 million

Matic Insurance is announcing a $20 million extension to its Series B round. The round includes $17 million in Series B equity co-led by IA Capital Group and Cultivation Capital, with participation from TruStage Ventures, Assurity Ventures, Venice Investments, Bayshore Capital, Fenway Summer, MTech Capital, Nationwide Ventures, and Allstate Strategic Ventures. Concurrently, Matic upsized its credit facility by $3 million, bringing new liquidity to $20 million.

Founded in 2014, Matic mainly sells home and auto insurance through partners. It claims to partner with over 100 lenders, servicers, and banks that collectively process 20% of home loans in the US.

Matic plans to expand its carrier marketplace to address dynamic changes to carrier appetites. In addition, Matic plans to offer life insurance in the future.

“Despite the macroeconomic environment and challenging insurance market, Matic continues to profitably grow. The commitment from new and existing investors demonstrates Matic’s sustainable business model that thrives in all markets through partner-led growth. We are thrilled to partner with Intuit Ventures and be one of the first insurtechs joining their portfolio. This successful round is a testament to the hard work and dedication of the Matic team and I couldn’t be prouder of the business we have built together.” – Ben Madick, CEO and co-founder of Matic.

“Consumers want a simple, easy, and transparent experience when searching for home insurance. Matic’s insurance marketplace helps customers find the right coverage at the best price. Its ability to provide a seamless, embedded experience has made it a top insurance partner for mortgage companies and banks. We look forward to supporting their growth as they continue to simplify the world of insurance.” – Adam Coccari, managing director at Intuit Ventures.