Bestow, a full-stack digital life insurance platform, has closed its Series C round, just months after it closed its Series B.
The InsurTech closed the Series C on $70m.
The fresh equity was supplied by a mixture of new and existing investors, including Breyer Capital, Valar Ventures, New Enterprise Associates, Core Innovation Ventures, Morpheus Ventures and Sammons Financial.
This equity burst will enable the company to launch new products, scale the platform services and accelerate the establishment of new distribution channels and partnerships.
After the round close, Bestow has raised a total of $145m in funding since it was launched three years ago. Earlier in 2020, the InsurTech collected $50m in its Series B.
Bestow is a digital life insurance platform that enables consumers to quickly buy a policy on their mobile device within five minutes.
The company has witnessed strong growth, culminating in the 450& year-over-year growth in sales. During 2020, the InsurTech also hired 70 new staff members, acquired a nationally-licensed carrier and launched a foundation to support those suffering from the pandemic.
Bestow co-founder and CEO Melbourne O’Banion said, “While the adoption of technology has transformed many financial services, the life insurance industry lags far behind in its ability to appeal to a digital consumer.
“Bestow is a new breed of life insurer, built for future generations, with the ability to provide attractive products and services for our customers and partners. This funding allows us to propel our vision to scale protection to millions of underserved families.”
Copyright © 2020 FinTech Global
