DALLAS, April 23, 2020 /PRNewswire/ -- Bestow Inc., the leading fully digital life insurance platform, announced the launch of the Bestow Foundation, a 501(c)(3) nonprofit organization created to assist those most in need of financial support during a crisis or disaster. The foundation's launch follows Bestow's recent fundraise totaling $50 million.
The Bestow Foundation's first project will be to help combat COVID-19 by donating to the CDC Foundation on behalf of current and new Bestow policyholders. The CDC Foundation funds medical supplies, increases lab capacity, deploys emergency staffing to U.S. public health agencies, provides support to vulnerable communities, and more.
"Providing a positive social impact is central to why we founded Bestow. We established a foundation early on to assist those who are affected by loss of life. Now is the right time for our foundation's inaugural donation in support of those on the frontline helping through this crisis," said Melbourne O'Banion, co-founder and CEO of Bestow. "We recognize the impact made by the CDC Foundation and are fortunately in a position to help contribute to their efforts through the Bestow Foundation."
The nonprofit is launching after Bestow completed its Series B financing in February totaling $50 million led by Valar Ventures, with participation from current investors including NEA, Morpheus Ventures, and Core Innovation Capital, and new investor participation from Sammons Financial.
Bestow also has become the first fully digital life insurance carrier with plans to expand nationally starting in 2020.
"Insurance is by definition a preventative product, and leveraging technology to democratize access to financial protection is social empowerment," said Jonathan Abelmann, co-founder and President of Bestow. "We aim to help ensure that every life is protected and valued, especially in the face of the unexpected. That's why the foundation is so complementary to our mission."
The Bestow Foundation will continue to back initiatives that extend healthy lives or offer financial support to those in distress.
Bestow is an insurance technology company that builds products and software that make life insurance accessible to millions of families. In addition to its direct-to-consumer arm, Bestow provides industry-first APIs enabling partners to offer bespoke life insurance coverage to their customers with ease. Bestow is reshaping the life industry as the insurance company of the future. The company is headquartered in Texas with offices in Dallas and Austin. Learn more at www.bestow.com.
The Bestow Foundation is a 501(c)(3) organization, created to assist those who are affected by loss of life and raise awareness for life insurance. Its mission is to directly assist families who lose an income earner due to a crisis or natural disaster.