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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.