Hometree raises £7m in Series A funding led by Anthemis to expand home cover operations
Anthemis led the financing round with participation from DN Capital, Literacy Capital, and Silicon Valley Bank.
Hometree is a residential energy services provider based in London that offers home cover, maintenance, and renewable energy solutions.
Hometree has secured £7m in a Series A funding round led by Anthemis to scale its digital home cover operations. Additional participants in the raise include DN Capital, Literacy Capital, Silicon Valley Bank, and Michael Pennington.
The investment arrives as the insurtech firm experiences accelerated demand during the pandemic, alongside new partnerships with challenger energy suppliers and favourable regulatory changes regarding insurance pricing practices. The company intends to use the capital to support its expansion in the home emergency insurance market.
Anthemis partner Ruth Foxe Blader joins the company board following the investment.
From the founder
"Our objective in the next 2-3 years is to become the leading challenger brand in the Home Cover market. This new funding will help us accelerate our plans at a time when homeowners across the UK need peace of mind more than ever. We are incredibly excited to be able to help homeowners have one less worry at this incredibly stressful time in all of our lives."
Simon Phelan
CEO at Hometree
Investor perspective
"Hometree occupies an important position at the intersection of Insurtech and Proptech. Its Home Cover product is a great example of what we call Embedded Finance, where, more and more, we see financial propositions becoming an invisible but critical part of the services that power our lives, rather than a product being consumed independently. Hometree integrates a financial service, an insurance product, with an increasingly connected home, work-force and consumer. The tech-based efficiencies and high-quality care Hometree offers customers are endemic of where the industry is going."
Ruth Foxe Blader
Partner, Anthemis
Investors
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About the company
Hometree
Hometree provides residential energy services and home cover solutions.