Insurtech Branch secures $147m to expand in US, obtains unicorn status

Insurance exchange insurtech Branch has secured $147 million in C-series funding, which it claims allows it to break into the billionaire club and lay claim to unicorn status.

“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,” management said, claiming the total to date now qualifies the firm for “unicorn status.”

Weatherford Capital led a group of new and existing investors including Acrew, AmFam Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire, and Tower IV.

The firm brags of expansion into nine new states already in 2022, stretching coverage to 28 states. Branch claims an eye-popping 1300% growth in written premium 1300% year on year over the last 12 months.

Branch bills itself as a “full-stack insurance company” using data, tech and automation through an insurance exchange making make home and auto insurance “completely frictionless.” 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.

Weatherford Capital principal David Seider said: “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. 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.”

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