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Insurtech Bestow lands $120M Series D from Goldman Sachs, Smith Point Capital
Melbourne O'Banion co-founded insurtech Bestow with Jonathan Abelmann in 2017 after struggling to secure his own life insurance policy. His goal was to Goldman Sachs Alternatives’ Growth Equity and ex-Salesforce co-CEO Keith Block’s Smith Point Capital co-led the investment.
And on Tuesday, the Dallas-based company is announcing that it has raised $120 million in Series D funding to launch new products and underwriting capabilities, it has told TechCrunch exclusively. O’Banion declined to reveal Bestow’s valuation, noting only that it had “approximately doubled” since the company raised $70 million in a Series C round in December 2020. Ashwin Gupta, a Goldman Sachs Alternatives’ Growth Equity team partner, told TechCrunch that he was attracted to backing Bestow for several reasons.
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