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Wells Fargo leads $50 million round in InsurTech Super

Source: Super

Super, an insurtech company that provides subscription care for the home, today announced the closing of $50 million in an oversubscribed Series C round of funding.

New investor Wells Fargo Strategic Capital (WFSC) led the round, bringing Super’s total funding to date to $80 million. Other new investors include Asahi Kasei, AAA - Auto Club Group, Gaingels, and REACH, a technology scale-up program created by Second Century Ventures, the NATIONAL ASSOCIATION OF REALTORS®’ strategic technology investment fund. Existing investors Aquiline Technology Growth, Liberty Mutual Strategic Ventures, Moderne Ventures and the HSB Fund of Munich Re Ventures also participated.

Super will use this latest investment to accelerate growth—from market expansion to hiring and expanding its service offerings. The company will also bolster its technology capabilities, including leveraging artificial intelligence (AI) to enhance customer experience and support its mission to make caring for a home carefree. Continued demand for Super’s technology-driven offering led the company to deliver 7x revenue growth since raising its Series B round in April 2019. The company currently serves households in Austin, Baltimore, Chicago, Dallas, Houston, Phoenix, San Antonio, and Washington, D.C.

“Wells Fargo embraces innovation, and we’re excited to support a tech-forward platform like Super which brings further advancement to the home services market,” said Matthew Raubacher, managing director for WFSC’s Principal Technology Investments Group. “The challenges of ongoing repairs and maintenance resonates with every homeowner, and Super provides an experience that is convenient for the customer, while boosting job visibility for local contractors and businesses. We look forward to seeing them continue to widen their geographic footprint and expand their product offering.”

“Building a full-stack insurtech business has put us in a unique position to create a vastly superior customer and servicer experience because we have greater control over our product and operations,” said Jorey Ramer, co-founder, and CEO, Super. “Data and technology are critical to delivering this experience and give us a better understanding of the home, and the best way to address expected work and costs.”

The company is reinventing an insurance category—home warranty—that is ready for innovation. With a data platform that captures more data on the home, on service providers, and on homeowners, Super has made impactful improvements in coverage, fraud prevention, and automation—from upfront scheduling through claim approval and service delivery. This unique approach and technology focus results in superior economics and enhanced customer experience.

Securing strategic partnerships in the real estate industry has contributed to Super’s growth. As brokers and agents seek to bring value to their clients, Super offers an innovative solution that addresses their clients’ needs when it comes to maintaining their most valuable investment.

“Super is the first modern home care solution that we have worked with that leverages data and technology—a game-changer for homeowners seeking to protect their greatest investment with a provider who handles the work for them,” said Joni Meyerowitz, COO at @properties, one of the nation’s largest residential brokerage firms. “Our relationship with Super helps us provide better care and increased overall value for our agents and clients. Super’s innovative approach adds ease and intelligence to the homeownership experience.”

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