Branch, a home and auto insurance technology company, has raised $147m in Series C funding and joined the unicorn club.
The round was led by Weatherford Capital, with participation from new and existing investors including Acrew, AmFam Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire, and Tower IV.
The funding brings Branch’s valuation to $1.05bn.
Branch launched in 2019 with a focus on leveraging the power of community to make insurance more affordable and has already helped members save an annual average of $548.
Now, with inflation at a 40-year high, Branch remains committed to bringing its instant bundled savings to consumers in every state. Branch said the equity financing round positions to accelerate its national rollout while scaling its differentiated distribution strategy which includes direct, agency, and embedded channels.
The announcement comes on the heels of an expansion into nine new states already in 2022, making Branch’s frictionless insurance available in 28 states.
Branch has grown its annualised written premium 1300% YoY in the last 12 months. In addition to its unprecedented geographic growth, Branch’s embedded insurance partner ecosystem continues to blossom as it offers instant insurance in moments consumers need it most. Branch has already partnered with key industry players across the mortgage, auto, and home security industries including Homepoint, OpenRoad Lending, and SimpliSafe to make it even more convenient for consumers to save on insurance.
Steve Lekas, Branch co-founder and CEO, said, “Consumers are frustrated by escalating insurance costs resulting from antiquated business models and complex processes. We believe that by reintroducing the power of community through data and technology, we can lower the cost of insurance while restoring it to its original intent: a force for communal good.”
Everspan Insurance Company recently partnered with Branch Financial, which uses data, technology, and automation to make home and auto insurance simpler and less expensive, to expand Branch’s footprint in the US.
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