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The transaction with Reinvent Technology Partners, a special purpose acquisition company that counts Zynga founder Mark Pincus and LinkedIn co-founder Reid Hoffman as its lead directors, is set to value the combined entity at more than $5b. Reinvent raised $690m in a September initial public offering. In anticipation of a transaction, its shares had rallied about 11% this year, giving it a market value of $1.1b.
Hippo announced in November that it had received a $350 million investment from Mitsui Sumitomo Insurance Co., a subsidiary of MS&AD Insurance Group Holdings Inc. In July, it raised funds from investors including Dragoneer, Ribbit Capital, Felicis Ventures and Iconiq Capital, and Chief Executive Officer Assaf Wand said the firm could go public in 2021.
