Banking

Super gains $50m Series C funding for home warranty sector solutions

US-based insurtech company, Super, has closed an oversubscribed $50 million Series C round of funding.

Super provides subscription care currently for households in Austin, Baltimore, Chicago, Dallas, Houston, Phoenix, San Antonio, and Washington, D.C.

Wells Fargo Strategic Capital has led the $50m round

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 programme created by Second Century Ventures, the National Association of Realtors’ strategic technology investment fund.

Existing investors participating were Aquiline Technology Growth, Liberty Mutual Strategic Ventures, Moderne Ventures and the HSB Fund of Munich Re Ventures.

Super said it would use the latest investment for market expansion, 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.

Matthew Raubacher, managing director for WFSC’s Principal Technology Investments Group, said Super “brings further advancement to the home services market. The challenges of ongoing repairs and maintenance resonates with every homeowner… Super provides an experience that is convenient for the customer, while boosting job visibility for local contractors and businesses.”

Jorey Ramer, co-founder and CEO, Super, said data and technology are critical to its business.

Home warranty is ready for innovation, he said, and Super’s platform captures data on the home, on service providers, and on homeowners, bringing improvements in coverage, fraud prevention, and automation, from upfront scheduling through claim approval and service delivery.

Partnerships in the real estate industry, with brokers and agents, have contributed to Super’s growth.

Read next: Three trends for insurers to watch in the post-COVID era


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