Branch, a Columbus-based home and auto insuretech company, has closed a $24 million Series A funding round. The round was co-led by Greycroft and HSCM Bermuda, with participation from returning investors American Family Ventures and Revolution's Rise of the Rest Seed Fund, as well as new investors SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital.
"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," co-founder and CEO Steve Lekas said in a statement. "This investment further equips Branch to bring instant, financially strong, and less expensive insurance to so many more."
Over the last 12 months Branch has launched in Arizona, Illinois, Missouri, Ohio, and Texas. The Series A funding will spearhead a strategic nationwide expansion plan through 2021.
Branch was founded in 2018 by Lekas, wo previously worked for Allstate, and tech entrepreneur Joe Emison. Branch uses its technology to bundle home and auto insurance in seconds.
"We have followed the Branch story since 2018 and are thrilled to have the opportunity to co-lead the round," said Vikas Singhal, partner & CIO of HSCM Bermuda. "Branch has innovated across many critical areas of the insurance value chain – distribution, technology, risk management, and capital."