Ethos, the insurtech platform, has raised an additional $100 million in capital. The new investment from SoftBank Vision Fund 2 brings Ethos’ valuation to $2.7 billion and total funds raised to $400 million. SoftBank joins an all-star cast of investors including Sequoia Capital; Accel; GV (formerly Google Ventures); General Catalyst; Jay-Z’s Roc Nation; and the investment vehicles of stars Will Smith and Robert Downey Jr.
“Everyone should have an opportunity to protect their families,” said Peter Colis, Ethos CEO and Co-Founder. “Our goal isn’t just to offer the best insurance customer experience ever created, but to offer it to everyone. Even at this early stage we’ve demonstrated that our technology can do this with life insurance. We’re excited to apply our technology and data platform in new ways to expand that safety net even further.”
As a private technology investor, SoftBank Vision Funds have invested more than $3 billion in insurtech companies around the globe. The company backed China’s online insurer ZhongAn as well as PolicyBazaar, India’s online insurance distributor. In addition, parent company Softbank Group is an investor in Lemonade.
Munish Varma, Managing Partner at SoftBank Investment Advisers, said, “Ethos is leveraging data and its vertically integrated tech stack to fundamentally transform life insurance in the U.S. Through a fast and user-friendly online application process, the company can accurately underwrite and insure a broad segment of customers quickly. We are excited to partner with Peter Colis and the exceptional team at Ethos.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.