Hippo Insurance Goes Public, Rey Got $10M, and More Austin Tech News

August 9, 2021
photo: hippo insurance

The Austin tech scene is bright with innovation after several companies announced big news last week. See who raised fresh funding, relocated their HQ and more. This is the Built In Austin weekly refresh.

Hippo Insurance went publicAfter completing a merger with the SPAC Reinvent Technology Partners Z, the insurtech unicorn is now valued at $5 billion. With its expected $550 million in proceeds, Hippo is planning to expand into new markets and develop new product offerings as it works to improve the insurance underwriting experience. The company trades under the ticker symbols “HIPO” and “HIPO.WS.” [Built In Austin]

Abrigo raised fresh fundingThe financial software developer received a strategic growth investment from Carlyle. Its solution helps banks manage risk, fuel growth and process loans. Abrigo is planning to invest in mergers and acquisitions as well as growing its customer relationships and fueling sales. It’s also currently hiring for roles across its teams including finance, HR and engineering. [Built In Austin]

Austin Tech Quote of the Week

“We look for opportunities across different types of technology. It’s not just VR; we have web and mobile technology as well. As long as it has clinical validation that it can deliver good, quality outcomes and really help people, then we integrate it into our practice.” —Deepak Gopalakrishna, Rey founder

Rey secured $10MOffering an approach to mental health that uses tech like VR, Rey provides members with teletherapy for phobias, PTSD, social avoidance and psychosis. As mental health grows increasingly critical during the pandemic, Rey closed on its Series A, bringing the round to $26 million. With the money, it’s investing in expanding its solutions for individuals and enterprises, as well as extending its services into up to 10 states. [Built In Austin]

GovOS is relocating to AustinHaving chosen Silicon Hills over its former HQ location in Dallas, the government software provider is planning to hire 40 new team members from the area’s pool of SaaS talent. Its solution helps over 600 local governments streamline their operations and provide community members and businesses with digital services. GovOS is looking to fill roles across engineering, product, sale and customer success. [Built In Austin]

LawnStarter acquired Lawn LoveHaving added San Diego-based Lawn Love to its ranks, LawnStarter is furthering its solution that provides customers with on-demand lawn and outdoor care. Combined, the companies will grow their market presence and enable more outdoor home service businesses to take on more jobs and boost their revenue. Terms of the transaction were not disclosed, and the two companies will continue to operate as independent brands. [LawnStarter]

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