According to latest reports, the investment will fuel Branch’s growth trajectory, enabling the company to expand its product offerings and geographic reach.

In June 2022, Branch raised $147 million in Series C funding and gained a postmoney valuation of $1.05 billion.

Co-founder and CEO Steve Lekas said at that time: “We came from a place where we were not the first insurtech, so we battled early since venture doesn’t like to compete with venture, so once venture thinks there’s a well-funded, intelligent, credible group of people tackling a problem, then they think twice about putting more money behind a competitor.”

He continued: “But now we’re at a scale where we’re selling more product than most of those that came before us. I think the thing we’ve made is the thing that everyone thought they were investing in to begin with.”

With a strong focus on customer experience and innovative technology, Branch aims to disrupt the traditional insurance industry. The company’s core business is auto, homeowners, renters and umbrella insurance. The insurtech leverages AI and machine learning to offer personalised and affordable coverage.

The latest funding round will reportedly enable Branch to accelerate its expansion into life insurance, a significant step in its mission to provide comprehensive financial protection to its customers. By leveraging its technology platform and deep understanding of consumer needs, Branch is well-positioned to revolutionise the life insurance market.

American Family Ventures, the venture capital arm of American Family Insurance, has a strong track record of investing in innovative companies that are transforming the insurance industry. This investment in Branch further solidifies their commitment to supporting disruptive startups.