Bestow, a digital life insurance platform backed by Munich Re unit Munich American Reassurance Company, has secured a further $50 million of funding in its Series B financing round.
The round was led by Valar Ventures, with participation from current investors including NEA, Morpheus Ventures, and Core Innovation Capital, and new investor participation from Sammons Financial.
Additionally, the insurtech announced the launch of the Bestow Foundation, a non-profit organization created to assist those most in need of financial support during a crisis or disaster.
The Bestow Foundation’s first project will be to help combat COVID-19 by donating to the CDC Foundation on behalf of policyholders.
The CDC Foundation funds medical supplies, increases lab capacity, deploys emergency staffing to US public health agencies and provides support to vulnerable communities.
“Providing a positive social impact is central to why we founded Bestow. We established a foundation early on to assist those who are affected by loss of life. Now is the right time for our foundation’s inaugural donation in support of those on the frontline helping through this crisis,” said Melbourne O’Banion, co-founder and CEO of Bestow.
“We recognize the impact made by the CDC Foundation and are fortunately in a position to help contribute to their efforts through the Bestow Foundation.”
Jonathan Abelmann, co-founder and President of Bestow, also commented: “Insurance is by definition a preventative product, and leveraging technology to democratize access to financial protection is social empowerment.”
“We aim to help ensure that every life is protected and valued, especially in the face of the unexpected. That’s why the foundation is so complementary to our mission.”