Bestow, a US-based InsurTech company that provides end-to-end software solutions for life insurers, has raised $120m in an oversubscribed Series D funding round.
The round was co-led by Growth Equity at Goldman Sachs Alternatives and Smith Point Capital, and includes both primary and secondary investments. Bestow also secured a $50m credit facility from TriplePoint Capital.
The company has developed a digital platform purpose-built for life insurance and annuity carriers, supporting product development, underwriting, and policy administration. Its tools are designed to increase efficiency, reduce costs, and improve customer and agent experiences across the insurance value chain.
With the new capital, Bestow plans to accelerate the development of new products and services and expand its platform to meet growing enterprise demand. The firm is also set to scale up hiring to support this growth.
The investment follows a period of significant momentum for Bestow. The company divested its direct-to-consumer business, Bestow Life Insurance Company, to Sammons Financial Group in 2024, to focus entirely on enterprise offerings.
It counts firms like Nationwide, Transamerica, USAA, and Sammons among its partners, and reports a 245% year-over-year increase in transaction volume, alongside a 100% customer retention rate.
Bestow CEO and co-founder Melbourne O’Banion said, “This investment strengthens Bestow’s position as the preferred partner for life insurance and annuity providers seeking to modernize and scale.
“We are accelerating product innovation to help the industry stay ahead of market trends, unlock new opportunities, and build lasting competitive advantages through technology. We are deeply grateful to our investors and carrier partners for their support and shared belief in our mission to modernize the life insurance and annuities space.”
Smith Point Capital CEO Keith Block said, “The life insurance industry has remained virtually untouched by innovation for three decades.
“Bestow isn’t just offering another tech tool—they’re fundamentally transforming how insurers create and deliver products at the very core of their business operations. Their impressive enterprise customer roster, unprecedented for such a young company in this traditionally risk-averse market, demonstrates that Bestow has identified a truly mission-critical opportunity. Smith Point Capital is incredibly proud to not only invest in Bestow to help them accelerate their growth, but also partner with them as they redefine the industry.”
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