The new non-profit organization's first project will be to help combat COVID-19 by donating to the CDC Foundation on behalf of current, and new Bestow policyholders
Fremont, CA: Digital life insurance platform Bestow closed a Series B funding round at USD 50 million led by Valar Ventures. The company also announced the launch of the Bestow Foundation, a 501(c)(3) non-profit organization created to assist those most in need of financial support during a crisis or disaster. Bestow also has become the first fully digital life insurance carrier with plans to expand nationally starting in 2020.
"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 new non-profit organization'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 U.S. public health agencies, provides support to vulnerable communities, and more. The Bestow Foundation will also continue to back initiatives that extend healthy lives or offer financial assistance to those in distress.
Bestow’s Series B financing round was also participated by existing investors NEA, Morpheus Ventures, and Core Innovation Capital, along with new investors Sammons Financial. "Insurance is by definition a preventative product, and leveraging technology to democratize access to financial protection is social empowerment," said Jonathan Abelmann, co-founder and President of Bestow. "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."
Bestow builds products and software that make life insurance accessible to millions of families. In addition to its direct-to-consumer arm, Bestow provides industry-first APIs enabling partners to offer bespoke life insurance coverage to their customers with ease.