Insurance Zebra, a Texas-based online insurance comparison platform, announced it has raised $1.5 million in start-up capital from a group of high profile investors.
Investors included Silverton Partners, Mark Cuban, Mike Maples Jr. and Birchmere Labs, among others.
Syndicate members have invested in well-known companies such as Twitter, ShowClix, BazaarVoice, Weebly, and Digg, the announcement said.
Insurance Zebra believes insurance companies will spend nearly $6B in 2013 to win new business from their competitors.
According to Insurance Zebra, a recent study by J.D. Power shows 52 percent of auto insurance shoppers start their shopping process online.
The company plans on using the capital to expand the team and launch the first version of the comparison engine.
Insurance Zebra said its comparison platform adjusts insurance premiums in real time as users input their information, helping to clarify what and how factors affect their rate.
Source: Insurance Zebra