Insurify, a firm located in the United States, is to quadruple the size of its newly launched research and development center in the Bulgarian capital Sofia next year, the company told SeeNews on Tuesday.
Insurify, which now employs 18 employees in its research and development center, will execute its ambitious ambitions, including product vertical expansion and more real-time offers, with the assistance of its Bulgarian team, the firm stated in answer to a SeeNews inquiry.
The company would use the money from a recently closed $100 million (84.2 million euro) Series B capital round led by Motive Partners, a specialty private equity group focused on financial technology investments, the company stated last week in an e-mailed statement.
The additional investment will be used primarily to develop Insurify’s global operations and accelerate its expansion plans. This includes extending the firm’s insurance product’s scale and diversification by expanding its real-time quoting integrations across all insurance verticals, seeking further embedded insurance opportunities, and improving product features, the company added in its statement.
The operator of an insurance comparison platform, which has raised a total of $128 million to date, has increased its new and recurring revenue sixfold since its Series A funding in the fourth quarter of 2019, and has achieved a compound annual growth rate (CAGR) of 151 percent over the last three years, according to the statement.
Earlier last year, Insurify built a research and development center in Sofia and hired 15 staff. The crew formerly worked for travel search firm Skyscanner, which closed its Sofia location last year owing to the coronavirus outbreak, according to Insurify.
Insurify, located in Massachusetts, was formed in 2013 by two Bulgarian nationals – Snejina Zacharia and Tod Kiryazov. Through real-time integrations and AI-powered recommendations, the company provides a personalized insurance purchasing experience in which users can rapidly compare accurate auto, house, and life insurance rates from both large and regional insurance companies.