Bestow Inc., an online life insurance distribution startup, says it has raised $15 million in mew funding from a group of venture capital firms.
Valar Ventures was the firm that invested the most money, Bestow says.
(Related: Two Online Life Distributors Expand)
The Dallas-based firm has now raised a total of $18 million in capital.
Munich American Reassurance Company and North American Company for Life and Health Insurance have agreed to offer products through the company’s website, http://www.hellobestow.com.
Bestow has already started selling coverage through the site in Texas and Utah. The company hopes to begin selling coverage through the site nationwide starting later this year.
Bestow says it will use an automated underwriting system to process the applications.
Andrew McCormack, a general partner at Valar, said in a statement about Bestow that the company is “bringing much-needed innovation to one of the most regulated and stationary industries in existence.”
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