Branch secures $24 million in Series A
Home and auto insurance provider Branch has closed a $24 million Series A funding round. The round was co-led by Greycroft and HSCM Bermuda, with participation from returning investors American Family Ventures and Revolution’s Rise of the Rest Seed Fund, as well as new investors SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital.
Founded in 2018, the Columbus-based insurance intermediary (team of ~32) is now live in Arizona, Illinois, Missouri, Ohio, and Texas. “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.” – Steve Lekas, Cofounder and CEO of Branch.
Bottom Line: according to the company, clients save an average of $517 when they switch to Branch.
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Branch taps into the power of community to make insurance accessible and affordable for everyone, utilizing innovative technology makes it easier than ever to save money by bundling Home and Auto Insurance in seconds. Branch Insurance has launched in five states (AZ, IL, MO, OH and TX) and is underwritten by General Security National Insurance Company.