Lemonade Competitor Hippo Raises Capital at $1.5 Billion Value

Hippo Enterprises Inc., hot on the heels of rival home insurance technology business Lemonade Inc. going public, has closed a $150 million financing round.

The Palo Alto, California-based startup is valued in the investment at $1.5 billion, according to the company. New investors Dragoneer and Ribbit Capital joined existing investors like Felicis Ventures and Iconiq Capital in the financing.

Hippo, which was valued at about $1 billion in a funding round last year, is preparing for a potential initial public offering, said Chief Executive Officer Assaf Wand.

“In 2021, we’ll be ready to go public,” he said.

Lemonade, a ...