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SageSure Becomes ‘Unicorn’ After $250M Funding: Source



(Reuters) — SageSure became a “unicorn” after the property insurer raised $250 million in its latest funding round, a source familiar with the matter told Reuters.

A unicorn is a startup valued at or above $1 billion.

SageSure’s latest fundraising was led by specialty brokerage Amwins and investment firm Flexpoint Ford, the Jersey City, New Jersey-based firm said in a statement.

SageSure, which provides insurance coverage for coastal residential and commercial properties, also counts alternative investment manager Ares Management Corp. and US regional bank Citizens Financial Group among its backers.

Amwins and Flexpoint will each appoint a representative to SageSure̵

7;s board, the company says.

The startup funding space has been shrinking since last year following the Federal Reserve’s interest rate hikes, which have drained excess liquidity and scared venture capital firms away from writing big checks.


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