Branch Achieves Unicorn Status with Series C Funding, Cementing Its Position as the Premier Home & Auto Insurtech
- Investors champion Branch's ability to make insurance frictionless, accessible, and affordable with a $147 million investment
- Investment closes as Branch reports 1300% growth YoY in annualized written premium and a 400% increase in employee growth in the last year
COLUMBUS, Ohio, June 8, 2022 /PRNewswire/ -- Branch® announced today a $147 million Series C funding led by Weatherford Capital. Branch is a full-stack insurance company that uses data, technology, and automation to make home and auto insurance completely frictionless. The raise brings Branch's valuation to $1.05 billion and will continue to support the company's mission of making insurance less expensive so more people can be insured. Participating new and existing investors include Acrew, AmFam Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire, and Tower IV.
Branch launched in 2019 with a focus on leveraging the power of community to make insurance more affordable and has already helped members save an annual average of $548. Now, with inflation at a 40-year high, Branch remains committed to bringing its instant bundled savings to consumers in every state. The equity financing round positions Branch to accelerate its national rollout while scaling its differentiated distribution strategy which includes direct, agency, and embedded channels.
"Consumers are frustrated by escalating insurance costs resulting from antiquated business models and complex processes," said Steve Lekas, Branch Cofounder and CEO. "We believe that by reintroducing the power of community through data and technology, we can lower the cost of insurance while restoring it to its original intent: a force for communal good."
The announcement comes on the heels of an expansion into nine new states already in 2022, making Branch's frictionless insurance available in 28 states. Branch has grown its annualized written premium 1300% YoY in the last 12 months. In addition to its unprecedented geographic growth, Branch's embedded insurance partner ecosystem continues to blossom as it offers instant insurance in moments consumers need it most. Branch has already partnered with key industry players across the mortgage, auto, and home security industries including Homepoint®, OpenRoad Lending®, and SimpliSafe® to make it even more convenient for consumers to save on insurance.
"For too long, the insurance industry has been plagued by an overly expensive approach to customer acquisition, driving up the price of insurance. Branch's model is helping to ensure insurance is accessible for all," said David Seider, Principal at Weatherford Capital. "We are excited about this partnership and look forward to seeing Branch quickly and efficiently roll out nation-wide affordable, high-quality insurance that all Americans deserve."
Branch is a Public Benefits Corporation and manages a reciprocal exchange, an organization in which the policyholders are the actual owners of the policy premiums. The structure is built to align incentives and provide members with as much savings as possible. Branch further provides its members with access to a number of community-based products which help members save even more by leveraging the power of their networks.
To instantly bundle your home and auto insurance using just your name and address, visit Branch.com. For more information on how you can partner with Branch to add value to your customers, visit Branch Partners.
Branch is home and auto insurance that's simple to buy and built for savings. Through its revolutionary instant-bind capability, Branch removes all of the friction associated with getting covered, helping consumers bundle their home and auto with ease. Built as a reciprocal exchange, the Branch Insurance Exchange taps into the power of community to make insurance more accessible and affordable for everyone. Through its various community programs and 501(c)(3) nonprofit SafetyNest®, Branch continues to innovate new ways to make insurance affordable for its members and help more people get insured.
Branch was launched in 2019 by insurance veteran Steve Lekas and tech entrepreneur Joe Emison, and is headquartered in Columbus, Ohio. Branch is underwritten by the Branch Insurance Exchange, Everspan Insurance Company, and General Security National Insurance Company (GSNIC) and backed by SCOR. To learn more, visit Branch.com.
About Weatherford Capital
Weatherford Capital is a family-owned private investment firm founded in 2015 with offices in Tampa and Dallas. The team has over 45 years of investment experience conducting over 70 transactions across the globe. Weatherford Capital makes growth equity investments in rapidly growing companies with people who share the firm's commitment to excellence, integrity, faith, family, and community. Weatherford Capital's portfolio includes leading B2B and B2G software companies with an emphasis on government technology (GovTech), insurance technology (Insurtech), and finance technology (FinTech). For more information, visit www.weatherfordcapital.com.
Codeword for Branch
View original content to download multimedia:https://www.prnewswire.com/news-releases/branch-achieves-unicorn-status-with-series-c-funding-cementing-its-position-as-the-premier-home--auto-insurtech-301563643.html
SOURCE Branch Insurance