By Jaiveer Shekhawat
(Reuters) – SageSure became a “unicorn” after the U.S. property insurer raised $250 million in its latest funding round, a source familiar with the matter told Reuters.
A unicorn is a startup that is valued at or above $1 billion.
SageSure’s latest fundraising was led by specialty insurance firm Amwins and investment company Flexpoint Ford, the New Jersey-based company said in a statement.
SageSure, which provides insurance coverage for coastal residential and commercial properties, also counts alternative investment manager Ares Management Corp and U.S. regional bank Citizens Financial Group among its backers.
Amwins and Flexpoint will each appoint a representative to SageSure’s board of managers, the company said.
The startup funding space has been crimped since last year following the Federal Reserve’s interest rate hikes, which have drained excess liquidity and spooked venture capital firms from signing on big checks.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar)