Bestow Secures $120M Funding to Propel InsurTech Platform Growth
Bestow, a leading technology provider for the life insurance industry, has successfully raised $120 million in an oversubscribed Series D funding round. This strategic move underscores Bestow’s commitment to becoming a key technology partner for insurance carriers.
Funding Details and Strategic Partnerships
The latest funding round was co-led by Growth Equity at Goldman Sachs Alternatives and Smith Point Capital. In addition to this equity raise, Bestow has secured a $50 million credit facility from TriplePoint Capital, aimed at enhancing its operational capabilities and growth initiatives.
Bestow’s InsurTech Platform
Bestow’s vertically integrated InsurTech platform allows life and annuity carriers to digitize their operations. The platform encompasses various critical functions, including:
- Product development
- Underwriting
- Policy administration
This comprehensive solution is tailored to help insurers modernize their processes, improve cost efficiency, and enhance service delivery on a large scale.
Investment Goals and Future Plans
The newly acquired capital will be utilized to:
- Develop innovative solutions
- Scale Bestow’s platform to meet the increasing enterprise demand
- Expand the team to accelerate client acquisition and product innovation
CEO’s Vision for Bestow
Bestow’s CEO and co-founder, Melbourne O’Banion, expressed optimism regarding the investment, stating, “This funding strengthens Bestow’s position as the preferred partner for life insurance and annuity providers aiming to modernize and scale.” He emphasized the company’s commitment to driving product innovation to help the industry stay ahead of market trends, unlock new opportunities, and establish lasting competitive advantages through technology.
For further insights into the InsurTech landscape, visit InsurTech Analyst.
