US-based home and auto insurance company Branch has raised $24m through a Series A funding round to support its plans for a strategic nationwide expansion through next year.

The round was co-led by Greycroft and HSCM Bermuda, who were joined by returning investors American Family Ventures and Revolution’s Rise of the Rest Seed Fund.

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New backers SignalFire, SCOR Global P&C, Elefund, Foundation Capital, and individuals from Stone Point Capital also joined the financing.

Branchutilises technology which can be integrated into home-financing and car-buying websites. It is said to eliminate the traditional insurance application and quote estimate while providing clients with an instant, purchasable price instead of just an estimate.

Branch co-founder and CEO Steve Lekas said: “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.

“This investment further equips Branch to bring instant, financially strong, and less expensive insurance to so many more.”

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Greycroft co-founder and partner Ian Sigalow said: “Branch’s unique instant-bind capability, allowing people to buy bundled home and auto insurance after only giving their name and address, has never been possible before.

“Branch also brings community back to insurance in a way that reduces cost and increases the number of people who can get coverage, which is beneficial to all.”

Branch has also rolled out My Community Discount and Community Pledge with the aim of making insurance more accessible and affordable through community programmes.