Insurtech Branch secures investment from HSCM and SCOR for expansion
US-based home and auto insurtech start-up Branch has secured $24 million Series A funding co-led by Hudson Structured Capital Management (HSCM Bermuda) and Greycroft, with participation from SCOR Global P&C and Stone Point Capital.
Returning investors American Family Ventures and Revolution's Rise of the Rest Seed Fund also participated in the round, in addition to new investors SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital.
The start-up seeks to "revolutionise the experience of bundling home and auto insurance" by streamlining the whole process and eliminating the traditional insurance application and quote estimate.
Branch said the Series A funding will help spearhead a strategic nationwide expansion plan through 2021.
"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," said co-founder and CEO Steve Lekas. "This investment further equips Branch to bring instant, financially strong, and less expensive insurance to so many more."
Ian Sigalow, co-founder & partner of Greycroft, 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."
Vikas Singhal, partner & CIO of HSCM Bermuda's insurtech efforts, commented: "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."
