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.