SAN FRANCISCO — HOVER announced a $60-million Series D financing led by top insurance carriers Travelers, State Farm Ventures™, and Nationwide.
The capital will be used to enhance the company’s 3D data platform and expand its e-commerce efforts. With the launch of a frictionless buying experience and recent partnerships with SRS Distribution and Beacon Roofing Supply, HOVER is gaining a strong and growing foothold in the $50 billion exterior building materials market.
“Today’s investment is evidence that our new and existing investors believe we will continue the transformation of the insurance and home improvement industries,“ said A.J. Altman, founder and CEO of HOVER. “I’m incredibly proud of the team’s work to grow and scale our business while maintaining a strong commitment to our customers and each other. As we deepen our relationships with top insurance carriers and expand our product offerings, we will remain focused on delivering value for our partners and customers, and continue improving the experience for the homeowner.”
HOVER uses computer vision and machine learning to structure property data, enabling seamless workflows from appraisal and estimation to interactive 3D design and materials ordering. Insurance professionals and contractors use HOVER’s app to drive efficiency and transparency in their workflows and provide a superior experience for homeowners.
The round also included participation from long-time investor, Standard Industries, as well as other leading firms in building and technology: Menlo Ventures, GV, Alsop Louie Partners and Guidewire Software Inc.
“It’s important to us that we provide our customers with the best possible experience, and HOVER’s technology helps us to do that by creating a simpler, faster and more transparent claims process,” said Nick Seminara, executive vice president and chief claims officer of Travelers. “We see a tremendous opportunity for HOVER in the insurance industry, and we’re pleased to continue our partnership and invest in their future.”
How it Works
HOVER drives efficiency and transparency with a mobile app that allows home improvement and insurance professionals to measure, design, and estimate projects in one place; smartphone photos transform into photo-realistic, accurately measured, and fully-interactive 3D models of any home.
Whether insuring, repairing, or improving a home, HOVER provides homeowners and professionals the detailed information needed to produce accurate estimates or appraisals, and a 3D model that professionals can use to explore project details and design options with homeowners.
“The immediate priority will be to continue scaling our world-class team while we maintain strong momentum in the market and double-down on nurturing our special company culture,” said Altman.
For Insurance Professionals
HOVER helps insurance carriers reduce property claim cycle times and improves policyholder satisfaction by leveraging up-to-date photos and detailed property measurements to create accurate claim estimates. Additionally, HOVER enables policyholders to capture the photos themselves, which unlocks desk adjusting and enables a virtual claims experience. HOVER’s data set including Total Living Area helps the underwriters by determining replacement costs, quoting, and binding policies.
HOVER property data now powers every step of the contractor’s workflow within a single, seamless platform, from generating estimates and sending proposals to placing material orders directly with distributors. Thousands of exterior contractors use HOVER to save time and money on every project, establish instant credibility and close more business. They use the HOVER platform to show homeowners what their dream home could look like and improve sales efficiency.
HOVER provides homeowners more transparency and an easier way to work with their exterior home improvement contractors and insurance carriers. With just a few photos from a smartphone, homeowners can generate detailed information that trusted contractors and insurance carriers need to provide accurate estimates and appraisals. With HOVER’s 3D models, homeowners can envision their project with actual materials, allowing for improved communication and understanding, and leading to a better overall experience.
“HOVER has proven to be an incredible platform for our home improvement business,” said Greg Swartz, CFO of DaBella. “Since incorporating the technology into our services, we’ve seen a tremendous increase in profitability and close rates. We also save time on ordering materials, which allows time to be spent elsewhere; what used to take us 30 minutes now takes a matter of seconds with HOVER.”
Founded in 2011, HOVER has raised $147 million in funding to-date.