Digital life insurance platform Bestow has raked in $70m investment in a Series C funding round from new as well as existing investors.
The backers of the latest round included Breyer Capital, Valar Ventures, New Enterprise Associates, Core Innovation Ventures, Morpheus Ventures and Sammons Financial.
Go deeper with GlobalData
Using the fresh infusion, Bestow plans to roll out innovative products as well as scale platform services.
The company also intends to use the capital to speed up growth into new distribution channels and partnerships.
Bestow co-founder and president Jonathan Abelmann said: “We strategically built Bestow’s digital infrastructure and services to support virtually any life insurance product across any channel.
“Beyond direct-to-consumer, Bestow provides fintechs, agents, carriers and more with the necessary tools to integrate life insurance products into their businesses seamlessly.”
This year, Bestow has expanded its staff headcount by over 70, introduced Protect API, and expanded into fintech and independent agent channels.
Recently, the insurtech also agreed to snap up Centurion Life Insurance Company, an Iowa-based insurer with licensing in 47 states and the District of Columbia.
Bestow co-founder and CEO Melbourne O’Banion said: “Bestow is a new breed of life insurer, built for future generations, with the ability to provide attractive products and services for our customers and partners.
“This funding allows us to propel our vision to scale protection to millions of underserved families.”
Earlier this month, French insurance startup Luko reportedly raised $60m in a Series B funding round led by EQT Ventures.
Digital insurance firm Getsafe also recently bagged Series B funding of $30m to expand its geographic presence.
