Home and auto insurance start-up Branch Insurance has secured $50m in a Series B round led by Anthemis Group to support its national and partner channel expansion.
Anthemis was joined in the fundraising by Acrew, Cherry Creek Holdings, and existing investors Greycroft, HSCM Bermuda, American Family Ventures, SignalFire, SCOR P&C Ventures, Foundation Capital, and Tower IV.
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Founded in 2017, Columbus, Ohio-based Branch has raised $82.5m so far.
Branch CEO and cofounder Steve Lekas said: “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.
“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.”
Branch aims to make the insurance-buying process smooth. Its products are underwritten by Branch Insurance Exchange and General Security National Insurance Company (GSNIC).
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By GlobalDataThe firm can instantly-bundle home and auto insurance and can be embedded into the buying experience.
It has signed deals with companies including Rocket Mortgage and ADT. With the new capital, Branch plans to speed up its rollout across the US to facilitate more national embedded tie-ups.
Anthemis Group partner Ruth Foxe Blader said: “It is no coincidence that Branch is the first investment from our new growth fund; we are thrilled to support a company so aligned to Anthemis’ core values of authentic collaboration, virtuous cycle outcomes, and diversity and inclusivity.
“Branch is innovating on both tech and product design to build a 21st-century insurance company.”
In July last year, Branch raised $24m in a Series A funding round, which was co-led by Greycroft and HSCM Bermuda.
