Bestow builds enterprise SaaS and underwriting software to help life insurers become more digital and more efficiently serve customers. Founded in 2017 and based in Dallas, the company originally operated as a direct-to-consumer insurer and processed over a million applications before pivoting in 2024. In 2024 Bestow sold its insurance carrier and consumer business to Sammons Financial Group and shifted focus to providing software and services to other life insurers. Its revenue model is enterprise SaaS and performance-based, with the bulk of revenue coming from usage fees; Bestow reported ARR grew 3x in 2024 and 10x over the past two years. The company has 167 employees and is considering international expansion while planning to launch new products and underwriting capabilities with proceeds from its recent financing. Bestow's customers include Nationwide, Transamerica, USAA, Sammons Financial Group, and Equitable. Bestow operates a full-stack digital life insurance platform that allows consumers to obtain coverage in minutes rather than months. The company has launched platform products including Protect API™ and sells through insurtech, carrier, fintech and partner channels. Leadership includes co-founders Melbourne O’Banion (CEO) and Jonathan Abelmann (President). Operating momentum cited by the company includes sales rising more than 450% year-over-year and the acquisition of a nationally-licensed carrier. Bestow has invested in growth initiatives and expanded distribution by moving into fintech and independent agent channels and hiring over 70 new team members. Senior hires added during the year include Chief Distribution Officer Steve Robinson, CFO Claire Martin, CTO Chris Copeland, Chief Underwriter Jennifer Richards, Head of People Lizette Fleher and Head of Product Adam Boender. The company intends to use new capital to launch innovative products, scale platform services, and accelerate growth into new distribution channels and partnerships in 2021. Bestow is a Dallas- and Austin-based fully digital life insurance platform that builds products and software to make life insurance more accessible. The company operates a direct-to-consumer arm and provides APIs that enable partners to offer bespoke life insurance coverage to their customers. Bestow closed a $50M Series B financing led by Valar Ventures, with participation from current investors NEA, Morpheus Ventures and Core Innovation Capital, and new investor Sammons Financial. The company intends to use the funds to expand nationally. Led by co-founders Melbourne O’Banion (CEO) and Jonathan Abelmann (President), Bestow also launched the Bestow Foundation, a 501(c)(3) nonprofit created to assist those most in need during a crisis or disaster. The foundation's first project is to help combat COVID-19 by donating to the CDC Foundation on behalf of current and new Bestow policyholders. Bestow is a Dallas, TX-based consumer life insurance company that leverages a proprietary algorithmic underwriting engine to instantly determine risk. Its platform gives consumers immediate access to comprehensive life insurance without working with an agent, lengthy applications, or medical exams. Led by CEO Melbourne O’Banion, Bestow is currently live in Texas and Utah. The company closed a $15M Series A, bringing total financing to more than $18M to date. The round was led by Valar Ventures with participation from existing investors New Enterprise Associates (NEA), Core Innovation Capital, 8VC and Morpheus Ventures. Bestow plans to use the funds to expand operations, development and business growth and aims to be available nationwide this year. Bestow is a tech-driven startup building an on-demand life-insurance service that streamlines underwriting using algorithms so customers can get policies without physicals or lengthy paperwork. The company replaces individualized physical exams with algorithmic probability matching and lets users complete the process over the phone. Bestow has not yet launched and plans to roll out its first product in the coming months. The startup raised $2.5M in seed funding, bringing its total cash to $3.1M. Founded by Melbourne O’Banion and Jonathan Abelmann, Bestow is targeting Americans who believe they need life insurance but haven’t purchased it (the article cites 44% in that segment; industry trackers note ~85% say they should have a policy while ~41% actually do). The company enters a competitive field that includes Mira Financial, Alan, Fabric, and Quilt.

Total raised

$308M

Funding rounds

6

Latest round

Series D

Latest activity

May 2025