COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) – Branch Insurance joined the ranks of Columbus unicorns Wednesday, valued at $1.05 billion in a $147 million private equity round.

Weatherford Capital led the Series C for the three-year-old digital home and auto insurer. Several other firms including repeat investors also participated.

“For too long, the insurance industry has been plagued by an overly expensive approach to customer acquisition, driving up the price of insurance. Branch’s model is helping to ensure insurance is accessible for all,” David Seider, principal at Weatherford, said in a news release.

The insurer is part of burgeoning insuretech community in a city that’s home to several legacy insurers. Locally based digital auto insurer Root Inc. became a unicorn in 2018, but has struggled financially since its October 2020 IPO, the largest in Ohio history.

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