Bestow Secures $120 Million in Series D Funding to Expand Life Insurance Technology Platform
Austin, TX – Bestow, a prominent player in insurance technology, has successfully closed a $120 million oversubscribed Series D funding round, featuring both primary and secondary investments. The round was co-led by Growth Equity at Goldman Sachs Alternatives and Smith Point Capital, alongside a secured $50 million credit facility from TriplePoint Capital.
The funding will propel Bestow’s growth in the life and annuities sector, enabling the development of innovative products and services while expanding its workforce to meet rising enterprise demand. This significant funding milestone follows Bestow’s strategic divestiture of Bestow Life Insurance Company to Sammons Financial Group, marking a shift towards focusing on enterprise clients through its specialized software platform designed for the entire life insurance value chain.
Bestow has established partnerships with industry giants such as Nationwide, Transamerica, and USAA, and plans to announce additional collaborations in the coming months. The company boasts a remarkable 100% customer retention rate and a 245% year-over-year increase in transaction volume.
Melbourne O’Banion, CEO and Co-founder of Bestow, commented, “This investment strengthens Bestow’s position as the preferred partner for life insurance and annuity providers seeking to modernize and scale.” He emphasized gratitude towards investors and partners who support the mission to reform the industry.
New board member Ashwin Gupta, Managing Director at Goldman Sachs, noted the necessity for modern insurance platforms that enhance solutions for life and annuity carriers, praising Bestow’s innovative approach.
Keith Block, Founder and CEO of Smith Point Capital, highlighted the significant market potential, stating, “Bestow is fundamentally transforming how insurers create and deliver products.” With this funding round, Bestow is poised to redefine the traditional boundaries of the insurance industry.
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