Insurance Lounge Raises $15M Growth Equity to Fuel Rapid Expansion

PR Newswire

GRANTS PASS, Ore., Sept. 19, 2022 /PRNewswire/ -- Insurance Lounge, has closed on $15M of growth equity financing to accelerate the company's expansion plans. The financing will support the company's initiatives for geographic growth, including the opening of new locations, the acquisition of additional agencies and the pursuit of key talent hires. The financing round was completed by a consortium of institutional investors led by Brian Modesitt and Alta Point Capital.

"As a second-generation agency owner, I kept seeing consumers confused and frustrated by the insurance buying experience. I envisioned a new model where buying insurance could be enjoyable, simple and convenient. Insurance Lounge is the culmination of that vision," stated Michael DeLaGrange, Founder & CEO of Insurance Lounge. "I am excited to work with this new investor group to achieve the goal of Insurance Lounge's unique consumer-centric approach."

Brian Modesitt commented "I am enthusiastic to be partnering with Michael and the Insurance Lounge team. Not many agencies have been able to offer a compelling omni-channel experience like Insurance Lounge." David Young, Managing Partner of Alta Point Capital, noted further, "Insurance Lounge has built a strong foundation and brand in Oregon and we look forward to working with Brian and Michael to support the company's growth initiatives over the coming years."

About Insurance Lounge: Insurance Lounge is the hybrid insurance agency of the future. Offering both an in-store and online experiences for consumers with non-commissioned sales reps who emphasize consumer education. Its retail storefronts are supported by its proprietary full-stack insurance buying technology that allows consumers to research, shop, compare and bind insurance from the convenience of their own home. Insurance Lounge currently has five retail storefronts in Oregon & Nevada. The company is headquartered in Grants Pass, OR and offers coverage in the western United States. To learn more, visit InsuranceLounge.com or reach out to [email protected]

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