Bestow raises $50 million, becomes licensed carrier
Bestow, “the leading fully digital life insurance platform,” announced the completion of a $50 million Series B round led by Valar Ventures, with participation from current investors including NEA, Morpheus Ventures, and Core Innovation Capital, and new investor participation from Sammons Financial. The company is also announcing that it has become “the first fully digital life insurance carrier” after obtaining a carrier license and it plans to launch its own product later this year.
In addition, Bestow is launching the Bestow Foundation, a 501(c)(3) nonprofit organization created to assist those most in need of financial support during a crisis or disaster. The Bestow Foundation’s first project will be to help combat COVID-19 by donating to the CDC Foundation on behalf of current and new Bestow policyholders. The CDC Foundation funds medical supplies, increases lab capacity, deploys emergency staffing to U.S. public health agencies, provides support to vulnerable communities, and more.
“Providing a positive social impact is central to why we founded Bestow. We established a foundation early on to assist those who are affected by loss of life. Now is the right time for our foundation’s inaugural donation in support of those on the frontline helping through this crisis. We recognize the impact made by the CDC Foundation and are fortunately in a position to help contribute to their efforts through the Bestow Foundation.” – Melbourne O’Banion, cofounder and CEO of Bestow.
“Insurance is by definition a preventative product, and leveraging technology to democratize access to financial protection is social empowerment. We aim to help ensure that every life is protected and valued, especially in the face of the unexpected. That’s why the foundation is so complementary to our mission.” – Jonathan Abelmann, cofounder and President of Bestow.