Goji announced a $15 million investment round led by Hudson Structured Capital Management Ltd., doing business as HSCM Bermuda.
Goji's data-driven home and automobile insurance platform enables Goji agents to seamlessly match the optimal coverage needs of its preferred buyers with Goji's integrated network of more than a dozen insurance carriers. Goji's customers, in effect, access an online insurance concierge service that yields personalized, real-time, valued-based quotes designed to fit their individual coverage requirements.
Founded in 2007 as Consumers United, the company rebranded itself as Goji in 2014, adopting a strategy that targets the online buying characteristics of its preferred customer market. The company has expanded its sales force of insurance agents and customer service representatives who interact, one-on-one, with buyers. The company is currently a licensed insurance agency in 41 states.
"Goji has a leading-edge platform that enables the right online distribution model for the insurance industry today. It leverages data and analytics with its smart technology to target loyal customers, building a valuable book of business," said Peter Breitstone, Goji's recently-appointed CEO. "We are experiencing impressive growth as we identify and convert more preferred buyers online," Breitstone added.
Vikas Singhal, partner of HSCM Bermuda, said, "Goji is a leader in the technological transformation of the distribution of insurance. We believe they have built a platform that represents the right next step in the evolution of how insurance will be sold – a hybrid online and offline model. We believe Goji's unique strategy will show substantial growth that extends beyond just the markets they currently operate in."
Goji Executive Chairman, Matt Coffin, explained that the partnership with HSCM Bermuda brings on an investor with "a demonstrated sophisticated knowledge of insurance along with strong access to the insurance and reinsurance markets." He added that "we've already identified several opportunities to continue to expand Goji's business and are looking forward to exploring additional ways to strategically partner with HSCM Bermuda's business and leverage their resources for our mutual benefit."
Financial Technology Partners LP and FTP Securities LLC (together, "FT Partners") served as strategic and financial advisor to Goji in this transaction. Steve McLaughlin, FT Partners' Founder & Managing Partner, explained, "we have been closely following the InsurTech space for some time now and are truly excited about Goji as an innovator in the insurance distribution space." He added, "we are big believers in the management team and investor base assembled here and think the future for Goji is very bright. We look forward to continuing to work with the company in the future as its long-term advisor."
"HSCM Bermuda has a long-standing working relationship with members of Goji's management team and Board," said Michael Millette, Managing Partner of HSCM Bermuda. "We're excited about how our partners will help take Goji to the next level."
Goji's existing investors include: Thayer Street Partners, a tech-enabled financial- and business services-oriented private investment firm, Matt Coffin's Coffin Capital & Ventures, and Five Elms Capital, a Kansas City-based growth capital investment firm focused on tech-enabled companies.
About Hudson Structured Capital Management Ltd.
Hudson Structured Capital Management Ltd., founded in 2015, invests in reinsurance and insurance-linked assets across all lines of businesses through an array of innovative structures that allow risk transference, including from the life and property/casualty sectors, to the capital markets. Its focus is on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets and are experiencing a shift from balance sheet to market financing.
About Goji
Headquartered in Boston, Goji (formerly Consumers United) is the country's leading independent online personal lines insurance agency. Goji combines human expertise with smart technology to match customers with the right coverage at the best price.
Since 2007, Goji has helped hundreds of thousands of Americans compare insurance rates from top brands to buy the policy that's best for them. For more information, visit Goji.com.
