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The carrier will provide Floridian homeowners insurance online, by phone or via email.
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The IoT Observatory director said investors are desperate to back start-ups that promise to disrupt the distribution chain. -
The deal marks what will likely be one of XL Innovate’s final investments.
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The latest fundraise comes after the auto carrier entered the Californian market.
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CEO and Co-Founder Alex Timm said the company needs someone who can focus on managing growth.
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The investment is the 12th by the innovation unit since it was founded last year.
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The InsurTech founded by MIT scientists raised $500mn from heavy-hitter Softbank in December.
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The Series D funding round values the MGA at over $1bn, crossing the unicorn threshold.
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The new venture streamlines underwriting by scraping data on liquor license violations.
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The formerly named Fractal Industries funding round was led by investment firms Cannae Holdings Inc and Motive Partners.
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The investment is the carrier’s largest in a start-up.
