Bestow, a leading insurance technology company, announced the closing of a $120 million oversubscribed Series D funding round, such as primary and secondary investments. The funding round was co-led by Growth Equity at Goldman Sachs Alternatives and Smith Point Capital. Along with the equity financing, Bestow also signed a $50 million credit facility from TriplePoint Capital.
This funding milestone follows Bestow’s 2024 divestiture of Bestow Life Insurance Company, a direct-to-consumer life insurance carrier, to Sammons Financial Group, marking a shift to focus exclusively on enterprises through its vertical software platform, purpose-built for the entire life insurance value chain.
Bestow collaborates with industry leaders, including Nationwide, Transamerica, USAA, Sammons Financial Groups, among others, and will be announcing additional partners in the coming months. The company continues to boast a 100% customer retention rate and has achieved a 245% year-over-year increase in transaction volume. The Series D funding round caps a period of strong growth for Bestow, and the company expects this growth to continue exponentially.
What the funding will be used for: The capital will fund the development of new products and services and help accelerate the expansion of Bestow’s platform in the life and annuities space. And Bestow plans to increase its workforce to meet growing enterprise demand.
New board member: As part of the investment, Ashwin Gupta, Managing Director at Goldman Sachs, will join Bestow’s board of directors.
KEY QUOTES:
“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.”
Melbourne O’Banion, CEO and Co-founder of Bestow
“There is a growing need for a modern insurance technology platform that enables better solutions and outcomes for life and annuity carriers. We believe Bestow has developed such a platform and is driving innovation in the industry. We are excited to invest in Bestow as they continue to expand their capabilities and reimagine the future of insurance technology.”
Ashwin Gupta, Managing Director at Goldman Sachs, who will join Bestow’s board of directors
“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.”
Keith Block, Founder and CEO of Smith Point Capital
