Goldman Sachs' (GS) alternative investments unit and Smith Point Capital co-led Bestow's oversubscribed $120 million Series D funding round.
Bestow announced the close of the funding round, including primary and secondary investments, and also received a $50 million line of credit from TriplePoint Capital.
The funds will be used to develop new products and services, expand staffing and enhance the platform in the life and annuities segments, Bestow said Tuesday in a statement.
Ashwin Gupta, managing director at Goldman Sachs, will join Bestow's board.
Goldman shares rose 1.6% in recent trading Tuesday.
Price: 600.94, Change: +9.60, Percent Change: +1.62
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