Business

Goldman backs auto insurance provider DealerPolicy

Auto insurance technology company DealerPolicy LLC said Thursday it drew a $110 million Series C investment led by the growth equity unit of Goldman Sachs Asset Management, an investing arm of Goldman Sachs Group Inc. GS, +1.77%.

Existing investors including 3L Capital and Hudson Structured Capital Management Ltd. participated in the round. Burlington, Vt.-based DealerPolicy said it will use the capital infusion to grow its finance and insurance (F&I) products for dealers and car buyers.

The company plans to offer automotive insurance online and at the point-of-sale. Paul Pate, a vice president at Goldman, will join DealerPolicy’s board of directors. Pate said the company “successfully pioneered the assimilation of personal insurance into the automotive retail process, in a unified and compliant manner.”

DealerPolicy co-founder and Chief Exectuive Travis Fitzgerald said the funding comes amid mainstream adoption of automotive insurance into dealer sales and financing. Since the company launched in 2016, it’s written more than $200 million in total premiums for car-buyers nationwide.

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