Branch, a startup offering bundled home and auto insurance, has secured $147 million in Series C funding at a post-money valuation of $1.05 billion. Weatherford Capital, a family-owned private investment firm, led the round, with existing and new backers participating.
Total Funding Reaches $229.5M
With this latest financing, Columbus, Ohio-based Branch has raised $229.5 million in total funding since its 2014 inception. The company aims to utilize the fresh funds to further develop its technology and expand its customer base.
Branch’s Unique Business Model
Branch operates as a public benefits corporation and manages a reciprocal exchange, an organization in which policyholders are the actual owners of the policy premiums. This structure is designed to align incentives with members’ interests, providing them with maximum savings.
The startup also formed a nonprofit, SafetyNest, to assist those who are un- or underinsured. By offering bundled home and auto insurance policies, Branch aims to simplify the process for customers while providing competitive pricing.
Weatherford Capital’s Confidence in Branch
Weatherford Capital’s decision to lead the Series C round is a testament to Branch’s potential for growth. The firm’s confidence in the company’s technology and business model is reflected in its significant investment.
Greycroft’s Continued Support
Greycroft, an early investor in Branch, has been involved with the startup since its inception. The firm’s continued support demonstrates its faith in Branch’s unique approach to insurance and its potential for long-term success.
Branch’s Goals Beyond Profitability
While achieving profitability is a key objective, Branch has more altruistic goals. By prioritizing members’ savings and offering affordable insurance options, the company aims to make a positive impact on society.
Columbus, Ohio: The Midwest’s Tech Hub?
Columbus, Ohio, has emerged as a significant player in the tech industry, with companies like Branch leading the charge. As the city continues to attract startups and entrepreneurs, its reputation as the Midwest’s tech hub is likely to grow.
Conclusion
Branch’s Series C funding round is a significant milestone for the company, marking another step towards its goal of revolutionizing the insurance industry. With Weatherford Capital’s support and Greycroft’s continued involvement, Branch is poised to expand its customer base and solidify its position as a leader in the insurance technology space.
Branch’s Key Statistics
- Total funding: $229.5 million
- Series C funding: $147 million at a post-money valuation of $1.05 billion
- Reciprocal exchange: A structure where policyholders are the actual owners of the policy premiums
- Nonprofit: SafetyNest, formed to assist those who are un- or underinsured
About Branch
Branch is a startup offering bundled home and auto insurance policies. The company operates as a public benefits corporation and manages a reciprocal exchange, prioritizing members’ savings and affordability.
Contact Information
For more information on Branch, please visit their website: www.branch.com.
You can also reach out to the company directly through their contact page or social media channels.
