YuLife, the tech-driven insurance company, has announced that it has raised a $70M (~£50M) Series B in the insurtech funding round. The round was led by Target Global and supported by new investors Eurazeo and Latitude as well as existing investors Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd.
YuLife will use the capital to develop new products, expand its UK market penetration, and broaden its reach into new global markets.
“The life insurance industry is ripe for transformation. For too many years, life insurance has focused solely on paying out a lump sum upon death. It is now time to reimagine the very nature of life insurance by putting ‘life’ first, and inspiring members to live their best lives every single day, using insurance as a tool to enhance their physical, mental and financial wellbeing,” said Sammy Rubin, CEO and Founder of YuLife. “Redefining group-life insurance is just the start of the journey for YuLife as we look to inspire life through a vast range of new insurance products.”
“YuLife is redefining life insurance, using the most innovative technologies to transform a largely traditional industry,” added Ben Kaminski, Partner, Target Global. “With health and wellbeing increasingly thrust into the limelight in the wake of Covid-19, YuLife is fundamentally changing insurance by incentivizing people to lead healthier lifestyles. YuLife is ideally positioned to build on its tenfold growth during the pandemic and lead the way in helping its clients respond to the challenges posed by an ever-changing working environment. We are very proud to partner with YuLife on its journey of becoming a global leader in life insurance.”
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.