Bestow, a Dallas-based life insurance insurtech, has closed on a $120 million Series D round. This huge Series C was led by investor heavyweights including Goldman Sachs and Smith Point Capital. Bestow completed a new round of financing with $75 million of primary investments and $45 million of secondary investments. This funding will allow Bestow to continue enriching its product offerings and expand its underwriting footprint.
Bestow was established in 2017 by co-founders Melbourne O’Banion and Jonathan Abelmann. Through their innovative enterprise SaaS model and performance based revenue approach, they have disrupted the life insurance space and established themselves as key players in a rapidly evolving industry. The agency’s production of more than a million applications in its first years shows just how much of a game changer this new entity has already started to be.
Melbourne O’Banion co-founded Bestow after experiencing his own difficulty in obtaining a life insurance policy. This experience lit a fire within him to make the process easier for everyone else. Finally, Bestow is barely one of the 167 employees hard at work in the United States. Now, the company is looking beyond U.S. borders to internationalize their efforts, broaden their reach, and deepen their impact.
Over the course of this funding round, Ashwin Gupta will be joining Bestow’s board. He comes to us from the Goldman Sachs Alternatives Growth Equity team where he was a partner. Gupta expressed confidence in Bestow’s potential, stating,
“Bestow has an attractive end market that is large, resilient and relatively underserved by modern technology…”
This latest investment will enable Bestow to rapidly develop new products that satisfy the changing demands of its customer base. It will enhance the firm’s overall underwriting capacity as well. The company’s founders, who are experienced entrepreneurs with a track record of successfully pivoting businesses, have attracted several large customers who have expanded their use of Bestow’s platform.
Bestow’s mission is to delight customers through technology and innovation. Following this current round of funding, the company is now poised to further solidify its leadership position in the market and capitalize on promising new growth opportunities. The company’s success thus far highlights the demand for modern life insurance solutions that align with consumer expectations and technological advancements.
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