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.(PRNewsfoto/Bestow Inc.)

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."

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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.

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