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Insurtech Branch raised $51 mn funding led by American Family

Insurtech Branch raised $51 mn funding led by American Family

Insurtech Branch has raised $51 mn in a new funding round led by American Family Ventures. This investment supports Branch’s growth strategy, focusing on product expansion and broader geographic reach.

Branch has raised a total of $198 mn in funding. This includes $147 mn from its Series C funding round in June 2022, reaching a post-money valuation of $1.05 bn, and an additional $51 mn in a new round.

We weren’t the first insurtech, so we faced early resistance from venture funding, which typically avoids competing investments. Once investors see a well-funded, credible team tackling a problem, they often hesitate to back a competitor.

Co-founder and CEO Steve Lekas

He added, “Now, we’re selling more product than most of those that came before. We built what everyone initially thought they were investing in.”

Insurtech Branch raised $51 mn funding led by American Family

Branch, known for its customer-centric approach and advanced technology, aims to disrupt the traditional insurance sector. The company specializes in auto, homeowners, renters, and umbrella insurance, uzing AI and machine learning to provide personalized and affordable coverage.

The recent funding will drive Branch’s expansion into life insurance, marking a significant step toward offering comprehensive financial protection.

With its tech-driven platform and consumer insights, Branch is set to make an impact in the life insurance market.

American Family Ventures, the venture capital branch of American Family Insurance, has a strong record of backing innovative companies reshaping the insurance landscape.

This investment reinforces its commitment to supporting transformative startups like Branch.

Branch positions itself as an insurtech innovator, offering auto, home, renters, and umbrella insurance with an emphasis on affordability and simplicity. The company leverages AI and data-driven technology to streamline the insurance process, allowing customers to get bundled policies in a few minutes.

By integrating its services into real estate, car sales, and other sectors, Branch aims to make obtaining insurance faster and more accessible. A primary goal for Branch is to reduce costs while building a strong community-centric insurance model where members benefit collectively.