Munich Re-backed insurtech Bestow secures $50m for digital life insurance

Munich Re-backed digital life insurance carrier Bestow has secured a $50 million investment in its Series B funding round.

The round was led by Valar Ventures, with participation from current investors including NEA, Morpheus Ventures, and Core Innovation Capital, and new investor participation from Sammons Financial.

Additionally, the insurtech has launched its Bestow Foundation, a non-profit organisation created to assist those in need of financial support during a crisis or disaster.

The Bestow Foundation's first project will be to help combat COVID-19 by donating to the CDC Foundation on behalf of current and new Bestow policyholders.

The CDC Foundation funds medical supplies, increases lab capacity, deploys emergency staffing to US public health agencies, and provides support to vulnerable communities.

"Providing a positive social impact is central to why we founded Bestow. We established a foundation early on to assist those who are affected by loss of life. Now is the right time for our foundation's inaugural donation in support of those on the frontline helping through this crisis," said Melbourne O'Banion, co-founder and CEO of Bestow. "We recognize the impact made by the CDC Foundation and are fortunately in a position to help contribute to their efforts through the Bestow Foundation."

Bestow said it plans to expand nationally starting in 2020.

Jonathan Abelmann, co-founder and president of Bestow, said: "Insurance is by definition a preventative product, and leveraging technology to democratize access to financial protection is social empowerment. We aim to help ensure that every life is protected and valued, especially in the face of the unexpected. That's why the foundation is so complementary to our mission."