Branch, a U.S.-based insurtech startup, announced on Wednesday it secured $24 million through its Series A funding round, which was co-led by Greycroft and HSCM Bermuda with participation from American Family Ventures and Revolution’s Rise of the Rest Seed Fund.
Founded in 2018, Branch claims it 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.”
Branch further revealed that in the past year it has launched in Arizona, Illinois, Missouri, Ohio, and Texas. The company noted its Series A funding will go towards a strategic nationwide expansion through 2021. Branch Co-Founder and CEO, Steve Lekas, stated:
“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.”
Vikas Singhal, Partner and CIO of HSCM Bermuda’s insurtech efforts, then added:
“We have followed the Branch story since 2018 and are thrilled to have the opportunity to co-lead the round. Branch has innovated across many critical areas of the insurance value chain – distribution, technology, risk management, and capital.”