Boston-based insurance company Consumer United closed on Tuesday a new round of funding worth $14 million, co-led by Back Bay firm Spark Capital and Thayer Street Partners.
Other participating investors include Village Ventures and Five Elms, according to BetaBoston. This round brings Consumer United’s total financing to around $70.2 million.
The company, dubbed one of the 'Top 10 Fastest Growing Insurance Companies' by Inc. magazine in 2012, focuses on simplifying the day-to-day life of the consumer by providing online tools that size up rates from top insurance companies, typically within the car and home spaces. Consumer United also has a team of insurance agents who advise people in picking their perfect-fit policy and carrier.
Consumer United serves customers in 38 states, but has yet to offer its service to Massachusetts residents. The company will launch in the Bay State within a few months, however. From its Back Bay headquarters and Westborough offices, the company employs 400, and plans to add another 100 to its squad by the end of 2014.
