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📈 Goldman and Smith Point back Bestow’s shift to insurance SaaS

Insurtech startup Bestow has closed a $120M Series D round as it doubles down on its B2B SaaS pivot—ditching direct insurance to become the backend engine for modernizing legacy life insurers.

✅ What’s inside the deal
• $75M in primary equity and $45M secondary investment
• $50M credit line from TriplePoint Capital
• Co-led by Goldman Sachs Alternatives and Smith Point Capital
• Bestow’s valuation has doubled since its 2020 Series C
• Annual recurring revenue 3x’d in 2024 and 10x over two years

⚡️Why it matters
• Bestow exited its consumer-facing business in 2024 and is now fully focused on SaaS
• Its no-exam underwriting tech was battle-tested during COVID and now powers platforms for Nationwide, Transamerica, USAA, and Equitable
• Goldman sees the life insurance sector as large, resilient, and under-digitized

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