Exiting Stealth 2 Years After Founding, Trellis Announces 1MM Users, Major Partners
Insurance technology platform Trellis Technologies, Inc., announced today it has raised $10 million in Series A funding led by QED Investors with participation from existing investors NYCA Partners and General Catalyst.
Trellis provides secure, digital solutions that help consumers get the most value from their car and home insurance. This new investment will support accelerated hiring, expanding partnerships and development of new products.
In the $250 billion U.S. market for car insurance, 75 percent of consumers shop online for car insurance, but only 20 percent buy their policy online. Trellis is solving this problem by developing the easiest way for consumers to securely access and compare their existing coverage in order to make smarter and more confident decisions online.
Trellis has already helped more than one million consumers compare new quotes to their existing coverage. Trellis’ enterprise solutions have caught on with digital marketers at leading P&C carriers, who use the platform to find new customers and to deliver personalized sales experiences. Trellis now counts direct or indirect relationships with nine of the largest ten car insurers in the country – enabling more and better choices than competing insurtech platforms.
Launched in early 2020, Trellis’ recommendation platform, Savvy, has seen rapid adoption by fintech apps and digital media publishers. As these companies work on democratizing access to quality financial services, Savvy has made it easy for them to deliver in-app insurance insights that serve their users in new ways while also adding sales commissions as a revenue stream supporting their growth.
Today, Savvy has been integrated into seven of the Top 50 mobile finance apps, including industry leaders such as Truebill and Albert. Consumers save an average of $624 per year on their car insurance using Savvy. Later this year, Savvy will be extended with support for home, renters, and life insurance.
“Consumers deserve financial services that work together in concert to make life simpler and easier, and insurance needs to be part of that equation,” said founder and CEO, Daniel Demetri. “Nothing gets us more excited than bringing our best-in-class consumer experiences to the brands and apps that people already trust and use to manage their financial lives.”
Daniel Demetri previously co-founded States Title, the title insurance technology company that recently rebranded as Doma and announced a merger with a SPAC. Daniel also led product management for Earnest, the leading online student loan originator.
Matt Burton, a partner at QED Investors, commented, “Trellis has made incredible progress in removing friction from the insurance-buying experience. We are moving toward a world where you will be able to seamlessly switch insurance providers, and Trellis’ technology is enabling these new customer journeys. Daniel and his team are executing their vision flawlessly, demystifying the process and saving people money at the same time.”
Laura Bock, principal at QED, commented, “Consumer-facing franchises are eager to help their customers make good financial decisions and are jumping at the opportunity to help them choose the insurance policy that is right for them. The demand for Trellis’ product is clear — Trellis has grown from zero to tens of millions of dollars in revenue in less than a year, and we’re thrilled to partner with them to further accelerate their phenomenal growth.”
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