Consumers of the world, unite! Communist references aside, online insurance agency Consumer United has raised $52.5 million.
Consumer United applies the power of the masses to selling insurance. People join the community, and then Consumer United negotiates lower prices on multiple products and services, including auto, home, and life insurance.
“We started Consumer United because we believe that together we ordinary consumers can take control of our too high cost of living,” said CEO and cofounder Justin Dangel on the site. “We all know that too many of our banks, insurance agencies, utilities providers, and credit card companies take us for granted hit us with unfair charges, make us wait on hold for hours and run up our costs much faster than inflation. […] It’s time we all got a fair shake.”
The team at Consumer United conducts research and partners with insurance agencies to offer exclusive deals and discounts on plans, and will also help customers figure out which plans are right for them. Partners include well-known insurance agencies like Met Life, Progressive, Travelers, HSBC, and Fidelity Life. It’s primary strength is with auto, but the new financing will accelerate the growth of other verticals as well as support national expansion and product development.
Thayer Street Partners contributed $30 million of this third round of funding, with Spark Capital picking up the rest. Consmer United is based in Boston.