Bestow Inc., a Dallas, and Austin, TX-based fully digital life insurance platform, closed a 50m Series B funding 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.
The company intends to use the funds to expand nationally.
Led by Melbourne O’Banion, co-founder and CEO, and Jonathan Abelmann, co-founder and President, Bestow is an insurance technology company that builds products and software to make life insurance more accessible. In addition to its direct-to-consumer arm, the company provides APIs enabling partners to offer bespoke life insurance coverage to their customers.
Bestow also launched the Bestow Foundation, a 501(c)(3) nonprofit 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 current and new Bestow policyholders. The CDC Foundation funds medical supplies, increases lab capacity, deploys emergency staffing to U.S. public health agencies, provides support to vulnerable communities, and more.