Ohio-based insurtech start-up Branch, which bundles home and auto insurance, has raked in $147m in a Series C round at a valuation of $1.05bn.
The round was led by Weatherford Capital, who was joined by Anthemis, Tower IV, Narya, SignalFire, Greycroft, HSCM Ventures, Acrew, AmFam Ventures, and Gaingels.
Branch plans to use the capital for expediting its national launch.
Currently, the insurtech has a presence in 28 states, having expanded into nine new states so far this year.
Using the funding, the firm also plans to scale its distribution strategy covering agency, embedded, and direct channels.Weatherford Capital principal David Seider said: “For too long, the insurance industry has been plagued by an overly expensive approach to customer acquisition, driving up the price of insurance.
“Branch’s model is helping to ensure insurance is accessible for all.”
Launched in 2019, Branch claims to make home and auto insurance frictionless by leveraging technology, automation and data.
It has tie-ups with industry players such as Homepoint, OpenRoad Lending, and SimpliSafe, among others.
In February this year, the insurtech partnered with Everspan Insurance Company, making the latter its policy underwriter in 11 US states.
Over the past one year, Branch is said to have posted a 1300% year-on-year surge in annualised written premium and a 400% jump in staff headcount.
The firm raised $50m in Series B investment led by Anthemis Group a year earlier.
A public benefits corporation, Branch also runs a reciprocal exchange, helping policyholders become the actual owners of policy premiums.
Branch cofounder and CEO Steve Lekas said: “We believe that by reintroducing the power of community through data and technology, we can lower the cost of insurance while restoring it to its original intent: a force for communal good.”