Branch operates in five states, including Arizona, Illinois, Missouri, Ohio, and Texas, and the current financing is expected to support its expansion across 2021
Branch allows customers to bundle insurance in seconds. (Credit: Branch Insurance.)
Branch, a home and auto insurance company, has secured $24m in a Series A funding round, co-led by Greycroft and HSCM Bermuda, to support its expansion plans.
Existing investors including American Family Ventures and Revolution’s Rise of the Rest Seed Fund, along with new investors SignalFire, SCOR Global, Elefund, Foundation Capital, and individuals from Stone Point Capital also participated in the funding round.
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.”
HSCM Bermuda insurtech efforts partner and CIO Vikas Singhal said: “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.”
Branch leverages technology that integrating into home-financing and car-buying websites
Established in 2018, Branch operates in five states, including Arizona, Illinois, Missouri, Ohio, and Texas, and the current financing is expected to support its expansion plan through 2021.
The company said that it has improved the experience of home and auto insurance, and simplified the process to complete within seconds, requiring just the name and address of clients.
Branch uses an advanced technology that integrates into home-financing and car-buying websites, and does not require the traditional insurance application and quote estimate, and provides clients with an instant, purchasable price instead.
Two community programmes – My Community Discount and Community Pledge – have been introduced to make insurance more accessible and affordable, said the company.
Also, the company has started a 501(c)(3) non-profit called SafetyNest, chartered to insure the financially excluded and lower the cost of insurance.
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.”