Bestow, a Dallas, U.S. domiciled InsurTech company focused on the life insurance sector and which is backed by Munich American Reassurance Company, has announced that it’s closed $15 million in Series A funding.
The Series A funding was led by Valar Ventures, and included participation from existing investors New Enterprise Associates, Core Innovation Capital, 8VC, and Morpheus Ventures, and the closing brings Bestow’s overall financing to more than $18 million.
In September of last year, the InsurTech entity announced a partnership with Munich Re’s U.S. life and disability reinsurance division, designed to leverage InsurTech to redefine how the industry markets insurance through offering consumers a new way to research, purchase, and manage life insurance with affordable and easy-to-understand solutions.
The recently completed funding, which the firm says is one of the largest Series A financing rounds in Texas in 2018, comes before the firm’s national launch and aggressive growth trajectory.
Bestow’s Chief Executive Officer (CEO), Melbourne O’Banion, commented: “It’s clear there is a gap for consumers between the demand for life insurance protection and their ability to navigate the friction typically involved in getting covered. We’ve built an entirely new model, essentially eliminating many of the principal pain points associated with researching and buying life insurance. Using advanced technology, we’ve developed an affordable, quick, and easy-to-use solution that allows people to obtain coverage in a matter of minutes without having to talk to an agent or get a medical exam.”
As well as reinsurance giant Munich Re, Bestow is backed by North American Company for Life and Health Insurance. Currently, Bestow is live in Texas and Utah, but will be nationwide in 2018.
General Partner at Valar Ventures, Andrew McCormack, said: “Bestow is reshaping the life insurance process by bringing much needed innovation to one of the most regulated and stationary industries in existence.
“Using data and technology to turn a frustrating process into a seamless user experience, Bestow is breaking down the barriers for obtaining financial protection. We’re proud to be part of the team that is working to improve the lives of millions of American families, and shaking up a massive industry.”
