Hippo Enterprises will go public through a $5 billion merger with a blank-check firm backed by Silicon Valley heavyweights Reid Hoffman and Mark Pincus, in a sign of rising interest in the fast-growing “insurtech” sector.
Founded in 2015, Palo Alto-based Hippo sells homeowners insurance online and the merger with special purpose acquisition company (SPAC) Reinvent Technology Partners Z will include a private investment of about $450 million and give it $1.2 billion in cash.
“We were looking for the best partner to help us on the next stage of our journey, someone who had built businesses of massive scale, and you can’t find better partners for that than Mark and Reid,” Hippo Chief Executive Assaf Wand told Reuters.
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