Insurtech Hippo Acquires Home Maintenance Startup Sheltr
In hopes of improving its digital home services for clients, Hippo Insurance acquired the home maintenance software platform Sheltr.
Hippo claims to have modernized home insurance and continues to do so by making new partnerships and acquisitions. With their modern take on the insurance business, clients can have an estimated insurance premium savings of up to 25%.
However, this insurtech believes that they can do more for homeowners. So, aside from providing smart and instant coverages, their partnership with Sheltr now allows them to extend their home protection services.
Hippo declined to disclose the specific price of the deal. Instead, they revealed that they have been on the lookout for several targeted acquisitions in the past few months. Despite being an early-stage startup, Sheltr stood out from the rest.
According to Hippo’s co-founder, Assaf Wand, they just felt that the acquisition is the right thing for the company. Seeing how Hippo and Sheltr share the same goal — improving home protection — the two companies finally merged to make use of modern technology in providing proactive home insurance and maintenance services.
Meanwhile, Andrew Wynn, Sheltr’s co-founder, said the deal made sense. He had worked with Hippo and other insurtechs before, and it was clear that what Sheltr offered fit right into the overall strategy of Hippo.
Sheltr just started last year, and by May 2019, they already raised $3.2 million in seed financing. Wynn knows that it is not standard to sell a company during its early stages, but he also stated that the decision was made after seeing the value of their product as a single offering. Currently, Wynn is the director of services at Hippo.
Sheltr is known for making home maintenance hassle-free. Their members have access to home wellness checkups twice a year, emergency services, as well as convenient home maintenance solutions. Through their tech-enabled assessments, they can monitor a home’s exterior, catalog appliances, and provide home improvement recommendations proactively.
Sheltr covers the areas of San Francisco Bay and Dallas Texas. In 2020, there will be plans for expansion onto the said locations, and other new states as well.
Hippo, on the other hand, was launched in 2015 and reportedly raised $209 million in venture financing. The insurance company is currently doing business in 20 states with over 200 employees. Now that Sheltr has joined the team, eight new employees will be added to this growing workforce.