Boston-based Consumer United today said that it has raised $14 million in new funding to expand its online insurance business.
The investment was co-led by Spark Capital and Thayer Street Partners. Boston-based Spark is well-known in the startup world as an early backer of Twitter and Tumblr.
Other investors in the new funding round were Village Ventures and Five Elms. The funding follows Consumer United’s $50 million round in December 2012.
Focused on auto and home insurance, Consumer United provides online tools to compare rates for major insurance companies. The company also employs insurance agents to help consumers buy the ideal policy from a carrier.
Consumer United contrasts itself with Geico, Allstate, and State Farm by saying it’s the only one of those firms that offers independent guidance and provides several quotes for price comparison.
The company serves customers in 38 states. Consumer United isn’t currently serving customers in Massachusetts but plans to be here within the next few months, a spokeswoman said.
The firm employs 400 and expects to add another 100 employees by the end of this year.
Kyle Alspach has worked in journalism in Massachusetts since 2005 and was one of the original staff writers at BetaBoston.
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