Bestow launches foundation offering crisis support on the back of $50m Series B round

As the coronavirus crisis worsens, InsurTech Bestow is launching the Bestow Foundation, a non-profit organisation created to assist those most in need of financial support during a crisis or disaster.

The announcement of the new non-profit comes on the back of Bestow securing $50m in a Series B round in February 2020.

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, provides support to vulnerable communities and more.

“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.”

The nonprofit is launching after Bestow completed its Series B financing in February totaling $50 million led by Valar Ventures, with participation from current investors including NEA, Morpheus Ventures, and Core Innovation Capital, and new investor participation from Sammons Financial.

Copyright © 2020 FinTech Global

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