SFTBY - Travelers State Farm And Nationwide Make $60M Bet On 3D Measurement App HOVER Fueling E-Commerce Portal Growth

Travelers (TRV), State Farm Ventures, and Nationwide led the $60M Series D round for 3D exterior measurement app HOVER at a $490M post-money valuation. GV ([[GOOG]],[[GOOGL]]) and Guidewire Software (GWRE) also participated in the funding. HOVER allows smartphone users to snap multiple pictures of a space to create 3D images that are encoded with information about dimensions and materials that would help with a remodeling project. Founded in 2011, HOVER first found popularity among contractors, who could use the app's encoded information to create price quotes for prospective clients. The company evolved to include an e-commerce portal for contractors. More recently, HOVER has gained users in the insurance space. Large insurers are integrating HOVER into their apps to allow customers to take pictures of damages related to a claim. HOVER has benefited from the current pandemic-driven concerns about in-home visits from contractors and insurance agents. "As a product that eliminates

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Travelers, State Farm, And Nationwide Make $60M Bet On 3D Measurement App HOVER, Fueling E-Commerce Portal Growth