Bestow, a Dallas, TX-based life insurance company, raised $70m in Series C funding.
Backers included Breyer Capital, Valar Ventures, New Enterprise Associates, Core Innovation Ventures, Morpheus Ventures and Sammons Financial.
The company intends to use the funds to launch innovative products, scale platform services, and accelerate growth into new distribution channels and partnerships.
Led by Melbourne O’Banion, Co-founder and CEO, and Jonathan Abelmann, Co-Founder and President, Bestow provides a digital life insurance platform to make coverage accessible to people in minutes instead of months. Its full-stack platform will accelerate growth into new insurtech, carrier and partner channels in 2021. In addition to sales rising more than 450% year-over-year, the company has recently invested in key growth initiatives, including acquiring a nationally-licensed carrier, launching Protect API™, expanding into fintech and independent agent channels, and hiring over 70 new team members this year. Hires include Chief Distribution Officer Steve Robinson, Chief Financial Officer Claire Martin, Chief Technology Officer Chris Copeland, Chief Underwriter Jennifer Richards, Head of People Lizette Fleher, and Head of Product Adam Boender.