Branch Insurance, the startup that pioneered instantly-bundled home and auto insurance, has closed a $50 million Series B fundraise to fuel its national and partner channel expansion. The round was led by Anthemis Group with participation from Acrew, Cherry Creek Holdings, and existing investors Greycroft, HSCM Bermuda, American Family Ventures, SignalFire, SCOR P&C Ventures, Foundation Capital, and Tower IV. Branch has raised $82.5 million to date.
Branch spent years designing a unique insurance company built to maximize customer savings. By enabling consumers to get instant, online insurance prices using just a few pieces of information, Branch has made it quicker and easier than ever to buy insurance and has all but eliminated the antiquated insurance application and quote estimate.
"The industry is structurally flawed and it harms consumers. Complicated policies, rising costs, and marketing warfare all contribute to a vicious cycle that results in overpriced insurance," said Steve Lekas, Cofounder and CEO of Branch. "Branch was built differently in order to break that cycle and introduce consumers to insurance that is simple to buy, offered in moments of convenience, and meaningfully less expensive."
The startup has achieved a rapid 435 percent growth in its partner channel, 660 percent growth in active policies, and a 734 percent increase in active premium less than one year after its $24 million Series A. Armed with one of the largest insurtech Series B rounds, Branch is targeting the $700 billion Property & Casualty industry, with the goal of reaching 80 percent of the U.S. population by the end of 2021.