Venture Capital: Insurtech Branch Lands $147M, Joins Unicorn Club

June 8, 2022 | FinTech, News, Venture Capital
https://dailyalts.com/wp-content/uploads/2022/06/hero-visual-cabc5403c9666822fe406b5f3bb85207.png

Branch reported 1300% growth YoY in annualized written premium and a 400% increase in employee growth in the last year.

Home and auto insurance provider Branch uses data and technology to make its products better and more affordable for all. The insurtech announced today its $147 million Series C funding led by Watherford Capital with participation by new and existing investors including Acrew, AmFam Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire, and Tower IV. (CISION PR Newswire)

Launched in 2017, Branch has cumulatively raised $229.5 million and is now valued at $1.05 billion as per the latest Round C. It claims it has saved its customers (“members”) an average of $548 annually since 2019.

“Consumers are frustrated by escalating insurance costs resulting from antiquated business models and complex processes,” said Steve Lekas, Branch Cofounder and CEO. “We believe that by reintroducing the power of community through data and technology, we can lower the cost of insurance while restoring it to its original intent: a force for communal good.”

Frictionless insurance

Using ‘bundling,’ Branch is able to reduce its costs of procuring insurance business. For this it relies on partnerships that generate insurance sales at the source – for example, with key industry players across the mortgage, auto, and home security industries including Homepoint®, OpenRoad Lending®, and SimpliSafe®.

The savings through bundling are relevant at the current time when inflation is running at multi-decade highs.

In 2022, the startup has already struck out on expanding into nine new states. It said in a statement that its ‘frictionless’ insurance is now available in 28 states.

Branch will use the new funds to accelerate its national rollout while scaling its differentiated distribution strategy which includes direct, agency, and embedded channels.

Related Story: Fast-Growing Fintech And Mega Insurance Broker Acrisure Raises $725 Million

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/06/justice-gba45571bc_640.jpg
Digital Assets: Grayscale Protests SEC Rejection Of Spot Bitcoin ETF, Files Suit Against Regulator
June 30, 2022     Digital Assets, Latest News, News, Regulations

Grayscale Investments, the largest digital asset manager globally, has filed a suit against the SEC for rejecting its application to convert the Grayscale Bitcoin Trust into a spot bitcoin ETF….

https://dailyalts.com/wp-content/uploads/2022/06/Twelve-sunglasses.png
Venture Capital/ESG: Twelve Raises $130M For World’s First Carbon Transformation Platform

Twelve has raised a $130 million Series B round to scale up its carbon transformation technology that converts captured CO2 into products traditionally made from fossil fuels. The firm’s technology…

https://dailyalts.com/wp-content/uploads/2022/06/amc-g39f4f8446_640-overlay.png
FinTech: Sam Bankman-Fried Of FTX Rejects Rumors He Is Acquiring Robinhood
June 30, 2022     Digital Assets, FinTech, News

FTX, the crypto platform owned by billionaire Sam Bankman-Fried, has scotched media reports that it was pursuing a deal to acquire commission-free trading app Robinhood (NASDAQ: HOOD). Bloomberg said Monday…

https://dailyalts.com/wp-content/uploads/2022/06/bitcoin-g9a41d1d1c_640-overlay.png
Alternative Investments/Digital: Amidst A Crypto Winter, 21Shares Launches The World’s Cheapest Physically Backed Bitcoin ETP

21Shares AG has launched a bitcoin ETP tailor-made for today’s crypto market, one that has been mauled by rampaging bears and gripped by a “crypto winter.” The 21Shares Bitcoin Core…