HSCM Bermuda has participated in a series B funding for Branch Insurance, a startup that bundles home and auto insurance.
Branch insurance closed a $50 million deal to finance its national and partner channel expansion in a deal that was led by Anthemis Group, with participation from Acrew, Cherry Creek Holdings and HSCM Bermuda, as well as existing investors Greycroft, American Family Ventures, SignalFire, SCOR P&C Ventures, Foundation Capital, and Tower IV.
Branch has raised $82.5 million to date. It has achieved 435 percent growth in its partner channel, 660 percent growth in active policies, and a 734 percent increase in active premium, less than one year after its $24 million series A.
It is targeting the $700 billion property and casualty industry, with the goal of reaching 80 percent of the US population by the end of 2021.
Branch looks to simplify the process of buying insurance, and make it more affordable. It offers customers instant, online insurance prices using just a few pieces of information, saying it has “all but eliminated the antiquated insurance application and quote estimate.”
Steve Lekas, co-founder and chief executive officer at Branch, 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 has already signed deals with Rocket Mortgage and ADT. With this new funding it plans to accelerate its rollout across the US to enable more national embedded partnerships.
Ruth Foxe Blader, partner at Anthemis Group, noted that Branch is the first investment in its new growth fund. “Branch is innovating on both tech and product design to build a 21st-century insurance company," she said.
HSCM Bermuda, Branch Insurance, Anthemis Group, Acrew, Cherry Creek Holdings, Greycroft, American Family Ventures, SignalFire, SCOR P&C Ventures