Bestow Closes $120 Million Oversubscribed Series D Funding, Co-Led by Growth Equity at Goldman Sachs Alternatives and Smith Point Capital
Bestow Inc., an insurance technology company, has secured a $120 million oversubscribed Series D funding round, co-led by Growth Equity at Goldman Sachs Alternatives and Smith Point Capital. The company also obtained a $50 million credit facility from TriplePoint Capital. Bestow demonstrated remarkable growth, tripling revenue in 2024 and achieving 10x growth over two years, while maintaining a 100% customer retention rate and recording a 245% year-over-year increase in transaction volume. Following its 2024 divestiture of Bestow Life Insurance Company to Sammons Financial Group, the company now focuses exclusively on its enterprise platform for life insurance and annuities. The funding will support new product development and platform expansion, with partnerships including major insurers like Nationwide, Transamerica, and USAA.
Bestow Inc., un'azienda di tecnologia assicurativa, ha ottenuto un round di finanziamento Serie D da 120 milioni di dollari, sovrasottoscritto, co-guidato da Growth Equity di Goldman Sachs Alternatives e Smith Point Capital. L'azienda ha inoltre ricevuto una linea di credito da 50 milioni di dollari da TriplePoint Capital. Bestow ha mostrato una crescita straordinaria, triplicando i ricavi nel 2024 e raggiungendo una crescita di 10 volte in due anni, mantenendo un tasso di fidelizzazione clienti del 100% e registrando un aumento del 245% anno su anno nel volume delle transazioni. Dopo la cessione nel 2024 di Bestow Life Insurance Company a Sammons Financial Group, l'azienda si concentra ora esclusivamente sulla sua piattaforma aziendale per assicurazioni sulla vita e rendite. Il finanziamento sosterrà lo sviluppo di nuovi prodotti e l'espansione della piattaforma, con partnership che includono grandi assicuratori come Nationwide, Transamerica e USAA.
Bestow Inc., una empresa de tecnología en seguros, ha asegurado una ronda de financiación Serie D sobresuscrita de 120 millones de dólares, copresidida por Growth Equity de Goldman Sachs Alternatives y Smith Point Capital. La compañía también obtuvo una línea de crédito de 50 millones de dólares de TriplePoint Capital. Bestow mostró un crecimiento notable, triplicando sus ingresos en 2024 y logrando un crecimiento de 10 veces en dos años, manteniendo una tasa de retención de clientes del 100% y registrando un aumento del 245% interanual en el volumen de transacciones. Tras la venta en 2024 de Bestow Life Insurance Company a Sammons Financial Group, la empresa se centra ahora exclusivamente en su plataforma empresarial para seguros de vida y anualidades. La financiación apoyará el desarrollo de nuevos productos y la expansión de la plataforma, con alianzas que incluyen aseguradoras importantes como Nationwide, Transamerica y USAA.
Bestow Inc.는 보험 기술 회사로서, 골드만삭스 대체투자 부문의 Growth Equity와 Smith Point Capital이 공동 주도한 1억 2천만 달러 규모의 오버서브스크립션 시리즈 D 투자 라운드를 확보했습니다. 회사는 또한 TriplePoint Capital로부터 5천만 달러의 신용 시설을 받았습니다. Bestow는 2024년에 매출을 3배 성장시키고 2년 동안 10배 성장하는 놀라운 성과를 보였으며, 100% 고객 유지율을 유지하고 거래량에서 연간 245% 증가를 기록했습니다. 2024년에 Bestow Life Insurance Company를 Sammons Financial Group에 매각한 후, 회사는 현재 생명보험 및 연금용 기업 플랫폼에 전념하고 있습니다. 이번 자금은 신제품 개발과 플랫폼 확장에 사용되며, Nationwide, Transamerica, USAA와 같은 주요 보험사들과의 파트너십도 포함됩니다.
Bestow Inc., une entreprise de technologie d'assurance, a obtenu un tour de financement de série D sursouscrit de 120 millions de dollars, co-dirigé par Growth Equity de Goldman Sachs Alternatives et Smith Point Capital. La société a également obtenu une facilité de crédit de 50 millions de dollars auprès de TriplePoint Capital. Bestow a démontré une croissance remarquable, triplant son chiffre d'affaires en 2024 et réalisant une croissance de 10 fois en deux ans, tout en maintenant un taux de rétention client de 100% et enregistrant une augmentation de 245% du volume des transactions d'une année sur l'autre. Après la cession en 2024 de Bestow Life Insurance Company à Sammons Financial Group, la société se concentre désormais exclusivement sur sa plateforme d'entreprise pour l'assurance vie et les rentes. Le financement soutiendra le développement de nouveaux produits et l'expansion de la plateforme, avec des partenariats incluant de grands assureurs tels que Nationwide, Transamerica et USAA.
Bestow Inc., ein Unternehmen im Bereich Versicherungstechnologie, hat eine überzeichnete Series-D-Finanzierungsrunde in Höhe von 120 Millionen US-Dollar abgeschlossen, die von Growth Equity bei Goldman Sachs Alternatives und Smith Point Capital gemeinsam geleitet wurde. Das Unternehmen erhielt außerdem eine Kreditfazilität in Höhe von 50 Millionen US-Dollar von TriplePoint Capital. Bestow verzeichnete ein bemerkenswertes Wachstum, verdreifachte den Umsatz im Jahr 2024 und erreichte ein 10-faches Wachstum innerhalb von zwei Jahren, während es eine 100%ige Kundenbindungsrate aufrechterhielt und ein 245%iges Wachstum des Transaktionsvolumens im Jahresvergleich verzeichnete. Nach dem Verkauf der Bestow Life Insurance Company an Sammons Financial Group im Jahr 2024 konzentriert sich das Unternehmen nun ausschließlich auf seine Unternehmensplattform für Lebensversicherungen und Renten. Die Finanzierung wird die Entwicklung neuer Produkte und die Erweiterung der Plattform unterstützen, mit Partnerschaften, die große Versicherer wie Nationwide, Transamerica und USAA einschließen.
- Secured $120 million in Series D funding plus $50 million credit facility
- Tripled revenue in 2024 with 10x growth over two years
- Maintains 100% customer retention rate
- 245% year-over-year increase in transaction volume
- Strong partnerships with major insurers including Nationwide, Transamerica, and USAA
- Strategic shift away from direct-to-consumer business through divestiture of Bestow Life Insurance Company
- Profitability not yet achieved, though mentioned as on the horizon
Insights
Goldman Sachs co-leads $120M investment in Bestow, strengthening its position in insuretech while diversifying alternative investments portfolio.
This $120 million Series D investment in Bestow represents a strategic move for Goldman Sachs, positioning it prominently in the rapidly evolving insuretech sector. The investment comes through Goldman's Alternatives division, which manages over
What makes this particularly noteworthy is Bestow's impressive growth trajectory - the company tripled revenue in 2024 and achieved 10x growth over two years. With a
Goldman's participation goes beyond capital injection, with Managing Director Ashwin Gupta joining Bestow's board of directors. This level of involvement indicates Goldman sees strategic value in helping guide Bestow's expansion in the insurance technology ecosystem.
For Goldman shareholders, this investment aligns with the firm's broader strategy of diversifying revenue streams beyond traditional investment banking. The Alternatives division represents a significant portion of Goldman's
The investment targets a compelling market opportunity - modernizing the technologically underdeveloped life insurance and annuities sector. With enterprise partnerships already established with major carriers like Nationwide, Transamerica, and USAA, Bestow has validated its business model in a traditionally risk-averse industry.
This deal exemplifies Goldman's strategic focus on late-stage growth companies with proven business models and clear paths to profitability - precisely where Bestow positions itself with profitability "on the horizon."
Bestow tripled revenue in 2024, achieved 10x growth over two years, and expects to continue growing exponentially, with profitability on the horizon
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. Bestow plans to increase its workforce to meet growing enterprise demand.
"This investment strengthens Bestow's position as the preferred partner for life insurance and annuity providers seeking to modernize and scale," said Melbourne O'Banion, CEO and Co-founder of Bestow. "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."
As part of the investment, Ashwin Gupta, Managing Director at Goldman Sachs, will join Bestow's board of directors. "There is a growing need for a modern insurance technology platform that enables better solutions and outcomes for life and annuity carriers," said Gupta. "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."
"The life insurance industry has remained virtually untouched by innovation for three decades," said Keith Block, Founder and CEO of Smith Point Capital. "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."
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 strategic shift to focus exclusively on enterprises through its vertical software platform, purpose-built for the entire life insurance value chain.
Today, Bestow partners 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
About Bestow
Bestow built the leading end-to-end platform for life insurers to drive efficiency, reduce costs, and enhance profitability across the entire value chain. From product development and advanced underwriting to seamless policy administration, our solutions enable carriers to deliver exceptional products and experiences to agents and customers. Discover how Bestow is shaping the future of insurance at Bestow.com.
About Growth Equity at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has more than
Since 2003, Growth Equity at Goldman Sachs Alternatives has invested over
About Smith Point Capital
Smith Point Capital Management, LLC is a venture capital firm redefining growth equity for the intelligent enterprise. We invest in mission-critical enterprise software at the convergence of data, AI, edge computing, and precision applications. Our operator-led approach combines Fortune 500 executive experience with deep investment expertise, providing both hands-on operational support and strategic capital to help companies accelerate growth and maximize market impact. For more information, visit www.smithpointcapital.com.
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SOURCE Bestow Inc.
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