Bestow tripled revenue in 2024, achieved 10x
growth over two years, and expects to continue growing
exponentially, with profitability on the horizon
DALLAS, May 13, 2025
/PRNewswire/ -- Bestow Inc., a leading insurance technology
company, today announced the close of a $120
million oversubscribed Series D funding round, including
primary and secondary investments. The round was co-led by Growth
Equity at Goldman Sachs Alternatives and Smith Point Capital. In
addition to the equity financing, Bestow also secured a
$50 million credit facility from
TriplePoint Capital.
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 100% customer retention
rate and has achieved a 245% year-over-year increase in transaction
volume. The Series D round caps a period of strong growth for
Bestow, and the company expects this growth to continue
exponentially.
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 $500
billion in assets and more than 30 years of experience. The
business invests in the full spectrum of alternatives including
private equity, growth equity, private credit, real estate,
infrastructure, sustainability, and hedge funds. Clients access
these solutions through direct strategies, customized partnerships,
and open-architecture programs.
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 $3.1 trillion in assets
under supervision globally as of December
31, 2024.
Since 2003, Growth Equity at Goldman Sachs Alternatives has
invested over $13 billion in
companies led by visionary founders and CEOs. The team focuses on
investments in growth stage and technology-driven companies
spanning multiple industries, including enterprise technology,
financial technology, consumer and healthcare.
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.
