EverQuote Announces $21 Million Repurchase of Shares from Link Ventures and Affiliated Entities Controlled by Chairman and Co-Founder, David Blundin
- Enables EverQuote to efficiently execute a portion of its $50 million Share Repurchase Program
- Mr. Blundin remains EverQuote's Chairman and largest shareholder
CAMBRIDGE, Mass., Aug. 11, 2025 (GLOBE NEWSWIRE) -- EverQuote, Inc. (NASDAQ:EVER), a leading online insurance marketplace, today announced that it has agreed to repurchase an aggregate of 900,000 shares of its Class A common stock, resulting in an aggregate repurchase price of $21 million (the "Repurchase") from Link Ventures, which is an entity affiliated with funds advised by David Blundin, EverQuote's Chairman and Co-Founder, and other affiliated entities of Mr. Blundin. The transaction was executed on a price per share of $23.33, which represents a 1.75% discount to Friday's closing price and a 3.96% discount on the Company's 10-day volume-weight average price on August 8, 2025, and comes in part of the $50 million share repurchase program announced on August 4, 2025.
"We believe today's discounted repurchase is an accretive use of capital that enables us to efficiently execute a portion of our recently announced $50 million share buyback program in a manner that does not adversely impact liquidity in EverQuote's public float," said Joseph Sanborn, CFO of EverQuote. "This repurchase reiterates our confidence in EverQuote's ability to generate long-term sustainable growth and free cash flow, while maintaining a strong balance sheet."
"As an early-stage investor, the proceeds from this repurchase will support Link Ventures' investments in early-stage AI companies and entrepreneurs. I believe deeply in EverQuote's AI strategy and remain committed to its long-term success, as their largest shareholder," said David Blundin, Chairman and Co-Founder of EverQuote and Managing Partner of Link Ventures.
In connection with the Repurchase, Mr. Blundin and Link Ventures entered into a 180-day lock-up agreement with EverQuote which restricts the sale or transfer of any of EverQuote's shares of capital stock beneficially owned by Mr. Blundin, subject to customary exceptions, including sales pursuant to his previously adopted 10b5-1 trading plan. After 90 days following the closing of the Repurchase, Mr. Blundin may adopt a new 10b5-1 trading plan, so long as such plan does not permit sales during the 180-day lock-up period, and may sell shares in private placements to long-only investors reasonably acceptable to EverQuote.
Following the Repurchase, Link Ventures and affiliated entities of Mr. Blundin will remain EverQuote's largest shareholder, owning 18.8% of EverQuote's total common shares outstanding and 56.8% of EverQuote's voting power, down from 20.8% of EverQuote's shares outstanding and 57.4% of EverQuote's voting power prior to the Repurchase. Prior to the Repurchase, EverQuote had approximately 36.6 million shares of Class A common stock and Class B common stock outstanding. Following the Repurchase, EverQuote will have approximately 35.7 million shares of Class A common stock and Class B common stock outstanding. The Repurchase is expected to close by August 12, 2025.
The Repurchase was approved by the Audit Committee of EverQuote's Board of Directors, consisting solely of independent directors not affiliated with Link Ventures.
About EverQuote
EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.
For more information, visit https://investors.everquote.com and follow on LinkedIn.
About Link Ventures
Link Ventures is a venture capital firm investing in early-stage technology startups that leverage data science and artificial intelligence to disrupt existing markets and help solve challenging problems for enterprises and consumers. Link's team has deep sector expertise, having co-founded leading enterprise and consumer internet companies and led numerous transactions and successful investments in internet services businesses for over 20 years. Link is dedicated to fueling innovation through AI data-driven strategies and expertise lies in leveraging AI and machine learning to help talented entrepreneurs scale their companies into category leaders.
David Blundin is a Managing Partner of Link Ventures and is an instructor at MIT, teaching the class "AI for Impact: Venture Studio", where he received a BS in Computer Science and researched neural network technology at the MIT AI lab.
For more information, please visit https://www.linkventures.com/ and follow on LinkedIn.
Investor Relations Contact
Brinlea Johnson
The Blueshirt Group
(415) 269-2645
