On October 11, 2023, Matic, an embedded insurtech platform, announced $20 million in funding, which serves as an extension to its Series B financing round. This round involved $17 million in Series B equity, with IA Capital Group and Cultivation Capital co-leading the investment, as well as participation from existing investors Fenway Summer, MTech Capital, Nationwide Ventures, and Allstate Strategic Ventures. It also saw participation new investors, with Intuit Ventures, TruStage Ventures, and Assurity Ventures among the new backers. Simultaneously, Matic expanded its credit facility by an additional $3 million, bringing the total liquidity to $20 million.
This financing round marks a pivotal moment for Matic, as it has doubled its valuation since its previous Series B in 2020 and achieved impressive revenue growth of over 100% in the last five years. Furthermore, the company has significantly improved its bottom line, with a 60% increase over the past year, driven by its highly profitable, recurring revenue model.
Matic’s core mission revolves around simplifying the insurance landscape. The company functions as a digital insurance agency designed to collaborate with partners. Matic seamlessly integrates into the home ownership experience, enabling consumers to save both time and money on insurance while helping partners generate an additional revenue stream for their businesses.
Matic has established partnerships with more than 100 lenders, servicers, and banks, which collectively process 20% of home loans in the United States. This includes five of the top 15 mortgage servicers and a top 10 global bank. The company’s achievements also include winning contracts from three competitive RFPs and imminent launch plans with a top 10 U.S. bank and two top 25 mortgage companies.
“Despite the macroeconomic environment and challenging insurance market, Matic continues to profitably grow,” said Ben Madick, CEO and Co-Founder of Matic. “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.”
“Consumers want a simple, easy, and transparent experience when searching for home insurance,” said Adam Coccari, Managing Director at Intuit Ventures. “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.”
The investment not only bolsters Matic’s position as an embedded P&C insurance provider for mortgage and banking institutions but will also be directed towards expanding partnerships. Additionally, Matic aims to enhance its product offerings to further simplify the insurance shopping experience through both digital and agent-assisted models. The company plans to expand its carrier marketplace to address changes in carrier appetites resulting from severe weather events and extend its coverage options across the United States. Moreover, Matic is looking to diversify its offerings by venturing into life insurance to provide comprehensive solutions aligned with the needs of its growing partner’s customer base.
