US-based digital life insurance provider Bestow secured $70m yesterday in a series C round backed by new and existing investors including insurance holding company Sammons Financial.
Breyer Capital, Valar Ventures, New Enterprise Associates (NEA), Core Innovation Ventures and Morpheus Ventures were also identified by the company as participants in the round, which it said boosted its overall funding to $145m.
Founded in 2016, Bestow sells life insurance through an online platform that enables users to buy cover from a mobile device in as little as five minutes. It said sales have risen 450% year on year during 2020.
Sammons Financial also took part in Bestow’s last round, a $50m series B in April this year that was led by Valar Ventures and which also featured existing investors NEA, Morpheus Ventures and Core Innovation Capital. Its earlier backers include Valar Ventures and 8VC.
Bestow’s co-founder and chief executive, 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.”
