US-based digital automotive and home insurance provider Branch closed a $24m series A round on Wednesday that included reinsurance firm Scor and insurance group American Family.
Venture capital firm Greycroft co-led the round with HSCM Bermuda, the insurance investment vehicle for asset management firm Hudson Structured Capital Management.
The round included Revolution’s Rise of the Rest Seed Fund, SignalFire, Elefund, Foundation Capital and unnamed individuals from private equity firm Stone Point Capital, while American Family invested through its American Family Ventures unit. The company has not revealed details of earlier funding.
Branch provides home and auto insurance through an online platform that offers a flat rate for both once a customer has entered their home address, with policies underwritten by General Security National Insurance Company.
The startup’s technology can also be integrated into existing auto e-commerce or home financing platforms. It is present in the US states of Texas, Arizona, Illinois, Missouri and Ohio, and it will use the series A proceeds to fund an expansion across the rest of the country.
Steve Lekas, co-founder and chief executive of Branch, said: “Branch is on a mission to make home and car insurance less expensive for all, enabling more of us to be financially protected from life’s uncertainties.
“This investment further equips Branch to bring instant, financially strong and less expensive insurance to so many more.”
