Austin-based insurance marketplace startup, The Zebra has raised $38.5 million Series C funding. Along with the CEO of The Zebra Keith Melnick, Floodgate, Silverton Partners, Weatherford Capital, and Ballast Point Ventures have participated in the funding round led by Accel. Ballast Point Ventures and Silverton Partners are the earlier investors and Weatherford is the new investor in the company, Keith noted.
Including the new round, The Zebra has raised $101.5 million in total since its founded year 2012. In its previous round of worth $40 million in Series B led by Accel in September 2017, the company along with the investor signed Keith Melnick as its CEO. Keith was previously working in a travel metasearch engine Kayak on the President role. The Zebra had also raised $17 million in Series C as one of its seed round which was led by Ballast Point Ventures.
About the new round, Keith has disclosed that the company had targeted to raise a total sum closer to $30 million but The Zebra’s extant investors showcased interest in investing more capital into the business which led in raising such a large Series C round.
According to The Zebra, most startups do not disclose their performance results or business metrics during their capital raise announcements. The company believes that one should share at least directional results, which The Zebra did while it announced its latest round.
As per The Zebra observations, its monthly visitors count reached about 1.3 million on monthly basis and its revenue “grew almost 200% year over year to nearly $37 million in 2019.” The company has also disclosed worth of $60 million as its current annual run rate.
With such statistics, The Zebra states that it expects to “grow well over 100% in 2020.”