On-demand life insurance company Bestow announced this week it has raised $2.5 million in seed funding.
That brings the Dallas-based startup’s total funding to $3.1 million since its founding last year.
Bestow’s digital solution to life insurance will take the process of buying coverage from hours to minutes, according to the company. The analytics-fueled platform is expected to launch this fall. Users will be able to learn about, select, and manage their coverage needs on demand — without having to get a medical exam.
Users will also be able to give back to others through the Bestow Foundation after becoming a member.
“By developing new products and leveraging technology, we are introducing an entirely new way to make life insurance accessible and affordable for all.”
“Most Americans view life insurance as a valuable financial product, yet millions remain uncovered due to legacy friction and complexity caused by the current model,” Melbourne O’Banion, CEO of Bestow, said in a release.
“We set out to build a better model and solve this coverage gap. By developing new products and leveraging technology, we are introducing an entirely new way to make life insurance accessible and affordable for all.”
Maryland-based venture capital firm New Enterprise Associates led the latest funding round. Other investors in the round included Core Innovation Capital, Morpheus Ventures, and 8VC.
“We’re looking forward to working with the company as they democratize access to life insurance,” Rick Yang, a partner at NEA, said in a release.
Updated Sept. 6, 2017, 8:35 p.m.
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