March 6, 2021

Hippo

Hippo to Go Public in Merger with Reinvent Technology Partners Z; Company is Transforming the Home Insurance Industry

PALO ALTO, Calif.–(BUSINESS WIRE)–Hippo Enterprises Inc. (“Hippo”), the home insurance group that created a new standard of care and protection for homeowners, has entered into a definitive business agreement with Reinvent Technology Partners Z (“Reinvent”) (NYSE:RTPZ), a special purpose acquisition company (“SPAC”) that takes a “venture capital at scale” approach. Upon the closing of the transaction, the combined company will be publicly traded.

Hippo: A Protective, Modern Approach to Home Insurance

Founded in 2015, Hippo’s goal is to make homes safer and better protected by taking a proactive approach designed to prevent losses. Harnessing real-time data, smart home

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Insurance Startup Hippo to Go Public in $5 Billion SPAC Merger

Home-insurance technology upstart Hippo Enterprises Inc. is teaming with a special-purpose acquisition company to go public, the latest insuretech business to tap equity markets and challenge traditional insurers head-on.

The six-year-old Hippo, based in Palo Alto, Calif., will go public through a merger with

Reinvent Technology Partners Z

RTPZ 2.39%

in a deal that values the firm at $5 billion, the companies said. Reinvent Technology Partners Z had an initial public offering of stock in November.

Reinvent’s co-directors are LinkedIn co-founder

Reid Hoffman

and

Mark Pincus,

founder of mobile-game maker

Zynga Inc.

Hippo’s move will provide funding as it continues

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Home Insurance Agency Hippo to Go Public in $5B SPAC

Hippo Enterprises said it will go public through a merger with a blank-check firm, backed by Silicon Valley heavyweights Reid Hoffman and Mark Pincus, in a deal that gives the merged entity a pro forma enterprise value of $5 billion.

Founded in 2015, Palo Alto-based insurance technology startup Hippo sells homeowners insurance online. It raised $350 million at a valuation of around $1.65 billion in its latest funding round last November, according to data from Pitchbook.

The deal with special purpose acquisition company (SPAC) Reinvent Technology Partners Z will include a private investment of about $450 million.

Hippo acquired home

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