Insurance Startup Branch Secures $24 Million Series A To Get You Coverage In Seconds
COLUMBUS, Ohio, July 22, 2020 /PRNewswire/ -- Branch, a technology-driven home and auto insurance company, has closed a $24 million Series A funding round. The round was co-led by Greycroft and HSCM Bermuda, with participation from returning investors American Family Ventures and Revolution's Rise of the Rest Seed Fund, as well as new investors SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital.
Branch has revolutionized the experience of bundling home and auto insurance, streamlining the process to take only seconds by asking clients for just their name and address. Branch's seamless data integrations eliminate the traditional insurance application and quote estimate, presenting clients with an instant, purchasable price instead of just an estimate.
Over the last 12 months Branch has launched in Arizona, Illinois, Missouri, Ohio, and Texas. The Series A funding will spearhead a strategic nationwide expansion plan through 2021. Branch's innovative technology can easily be integrated into home-financing and car-buying websites. Home and automobile sellers love adding Branch to their site because it equips customers with insurance without a big drop-off in conversion rates. Customers don't need to dig up additional information to apply or wait for a quote, so they're more likely to complete their purchase.
"Branch is on a mission to make home and car insurance less expensive for all, enabling more of us to be financially protected from life's uncertainties," said Cofounder and CEO Steve Lekas. "This investment further equips Branch to bring instant, financially strong, and less expensive insurance to so many more."
"Branch's unique instant-bind capability, allowing people to buy bundled home and auto insurance after only giving their name and address, has never been possible before," shared Ian Sigalow, Cofounder & Partner of Greycroft. "Branch also brings community back to insurance in a way that reduces cost and increases the number of people who can get coverage, which is beneficial to all."
"We have followed the Branch story since 2018 and are thrilled to have the opportunity to co-lead the round," said Vikas Singhal, Partner & CIO of HSCM Bermuda's insurtech efforts. "Branch has innovated across many critical areas of the insurance value chain – distribution, technology, risk management, and capital."
Branch is bringing the insurance industry back to its roots as a force for communal good, which is why it offers its clients a variety of tools to tailor their coverage and lower their own prices with the power of community. The startup has already introduced two groundbreaking community programs, My Community Discount and Community Pledge, which harness the power of community to make insurance more accessible and affordable. Branch also started a 501(c)(3) non-profit called SafetyNest®, chartered to insure the financially excluded and lower the cost of insurance for everyone.
Clients save an average of $517 when they switch to Branch. To see your savings head to www.ourbranch.com today.
About Branch
Branch was founded in 2018 by insurance veteran Steve Lekas and tech entrepreneur Joe Emison. Branch taps into the power of community to make insurance accessible and affordable for everyone, utilizing innovative technology makes it easier than ever to save money by bundling Home and Auto Insurance in seconds. Branch Insurance has launched in five states (AZ, IL, MO, OH, and TX) and is underwritten by General Security National Insurance Company (GSNIC), an AM Best A+ Financial Rated insurance company and is headquartered in Columbus, Ohio.
About SafetyNest®
SafetyNest is a 501(c)(3) nonprofit entity, designed and funded exclusively by Branch Financial, Inc. to provide assistance to those who are un- or underinsured and suffered a loss. For more information about SafetyNest, visit safetynest.ourbranch.com or contact us at [email protected].
About Greycroft
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build the world's most transformative companies. We have deep experience in both consumer and enterprise technology, with a portfolio that spans the globe. We value building enduring relationships with founders and appreciate that they need more than just capital. Greycroft works as a team to support and advise entrepreneurs, empowering them to execute on their vision. We manage more than $1.8 billion in capital and have made over 300 investments, including Acorns, App Annie, Axios, Bird, Braintree, Bright Health, Buddy Media, Huffington Post, Icertis, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, and Venmo. For more on Greycroft visit: https://greycroft.com.
About Hudson Structured Capital Management Limited Ltd. (doing its Re/Insurance business as "HSCM Bermuda")
HSCM Bermuda is an asset manager focused on investments in the Re/Insurance and Transportation sectors. HSCM was launched in 2016 and focuses on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets, and are experiencing a shift from balance sheet and to market financing. For more information about HSCM Bermuda, please visit www.hscm.com.
CONTACT:
Ally Majewski
Branch Financial, Inc.
[email protected]
SOURCE Branch Insurance
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