Life insurance provider Bestow has closed a $2.5m seed round led by New Enterprise Associates.
Other backers to the round included Core Innovation Capital, Morpheus Ventures and 8VC.
The company helps clients get quick and easy access to life insurance for themselves and their families using its algorithmic underwriting and data-driven financial solution.
Bestow uses its platform to measure risk within minutes and without the need of a medical exam, allowing customers to quickly pick a life insurance product. The service removes the unneeded aspects of previous insurance modals, to ensure people get the right product.
Bestow CEO Melbourne O’Banion said, “Most Americans view life insurance as a valuable financial product, yet millions remain uncovered due to legacy friction and complexity caused by the current model.
“We set out to build a better model and solve this coverage gap. By developing new products and leveraging technology, we are introducing an entirely new way to make life insurance accessible and affordable for all.”
This is the company’s first institutional round of funding, and brings total capital raised since inception to £3.1m.
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