Columbus, Ohio-based InsurTech Branch recently announced a $147 million Series C funding led by Weatherford Capital.

The raise brings Branch’s valuation to $1.05 billion. Participating new and existing investors include Acrew, AmFam Ventures, Anthemis, Gaingels, Greycroft, HSCM Ventures, Narya, SignalFire and Tower IV. The equity financing round positions Branch to accelerate its national rollout while scaling its distribution strategy which includes direct, agency and embedded channels, according to a company press release.

“Consumers are frustrated by escalating insurance costs resulting from antiquated business models and complex processes,” said Branch Co-Founder and CEO Steve Lekas in the release. “We believe that by reintroducing the power of community through data and technology, we can lower the cost of insurance while restoring it to its original intent: a force for communal good.”

The announcement comes on the heels of an expansion into nine new states in 2022, making Branch’s insurance available in 28 states. Branch has grown its annualized written premium 1300 percent YoY in the last 12 months and has been working to grow its embedded insurance partner ecosystem, according to the release. The company has partnered with industry players across the mortgage, auto and home security industries including Homepoint, OpenRoad Lending and SimpliSafe.

Branch is a public benefits corporation and manages a reciprocal exchange, an organization in which the policyholders are the owners of the policy premiums. The company was launched in 2019 by Lekas and tech entrepreneur Joe Emison and is underwritten by the Branch Insurance Exchange, Everspan Insurance Company and General Security National Insurance Company and backed by SCOR.

Source: Branch