Branch, a tech-driven home and auto insurer, has closed a $24 million Series A funding round that was co-led by Greycroft and HSCM Bermuda, with participation from both returning and new investors.
Over the past year, Branch has launched in Arizona, Illinois, Missouri, Ohio, and Texas, and the Series A funding will drive a strategic nationwide expansion plan through next year.
The company has “revolutionized” the experience of building home and auto insurance by streamlining numerous processes. The firm states that its seamless data integrations eliminate traditional insurance application and quote estimate, presenting users with an instant, purchasable price instead of just an estimate.
Returning investors that participated in this funding round includes American Family Ventures and Revolution’s Rise of the Rest Seed Fund, and also new investors SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital participated.
The insurtech’s innovative tech can easily be integrated into both home-financing and car-buying websites, equipping clients with insurance without a big drop-off in conversion rates.
Co-founder and Chief Executive Officer (CEO), Steve Lekas, 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.”
Co-founder and Partner of Greycroft, Ian Sigalow, commented: “Branch’s unique instant-bind capability, allowing people to buy bundled home and auto insurance after only giving their name and address, has never been possible before. Branch also brings community back to insurance in a way that reduces cost and increases the number of people who can get coverage, which is beneficial to all.”
Vikas Singhal, Partner and CIO of HSCM Bermuda’s insurtech efforts, added: “We have followed the Branch story since 2018 and are thrilled to have the opportunity to co-lead the round. Branch has innovated across many critical areas of the insurance value chain – distribution, technology, risk management, and capital.”