Home and auto insurance platform Branch is continuing its expansion efforts having netted $24m in its Series A round.
The investment was co-led by Greycroft and HSCM Bermuda, with additional support coming from existing backers American Family Ventures and Revolution’s Rise of the Rest Seed Fund. Joining the round were a handful of first-time Branch investors, including SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital.
Over the past 12 months, Branch has been hard at work expanding across the US. Last month, the InsurTech entered the Missouri market, its fifth new market over the past year – the other states it launched in are Arizona, Illinois, Ohio, and Texas.
The priority for the fresh funding will be to continue its nationwide expansion through 2021.
Branch co-founder and CEO Steve Lekas said, “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.
“This investment further equips Branch to bring instant, financially strong, and less expensive insurance to so many more.”
The InsurTech claims to have revolutionised the application process of auto and home insurance, with customers only needing to provide a name and address to receive a quote. Branch leverages data integrations to remove traditional quote estimates and give clients an accurate price. The InsurTech will gather data around claims, driving and credit information, including credit report.
Consumers can add extra coverages they will need, such as valuables, ride sharing and home sharing.
Greycroft co-founder and partner Ian Sigalow said, “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.
“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.”
The company claims clients save an average of $517 through Branch.
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