Digital platform Amplify Life Insurance raised $20 mn in Series B

Wealth-building digital platform Amplify Life Insurance has raised $20 mn in a Series B funding round co-led by Crosslink Capital and Anthemis.

New investors Moneta Ventures and Evolution Ventures joined the round, with continued support from existing investors Greycroft, Munich Re Ventures, and Foxe Capital.

Amplify, founded in 2019, helps customers build tax-efficient wealth through life insurance premiums, allowing access to the policy’s cash value for any purpose while alive.

It focuses on a customer-first experience, transforming traditional life insurance and making permanent life insurance accessible to a broader market, including businesses seeking tax-efficient cash management.

Digital platform Amplify Life Insurance raised $20 mn in Series B

Amplify plans to launch the first in a suite of proprietary products tailored to customer needs. These products will offer a customer-centric experience and improve unit economics.

Additionally, Amplify has welcomed two new Board Members to help fuel the upcoming growth and development: Michelle Cheung, prior CFO of Next Insurance, and Mark Williamson, prior COO of Masterclass.

Hanna Wu, founder and CEO of Amplify

Our approach provides customers with a simple, digital experience while offering more transparent and liquid life insurance wealth products catered towards a younger mass affluent market looking to build long term tax efficient wealth while protecting their families and assets

Hanna Wu, founder and CEO of Amplify

“Our expansion highlights the growing demand for innovative and tax-efficient financial solutions that prioritize customer needs and foster flexible long term wealth accumulation,” said Hanna Wu.

“Amplify is disproving the notion that permanent life insurance can only be sold through the traditional agent channel,” said Amy Nauiokas, Founder and CEO at Anthemis. “We believe Amplify is connecting and strengthening the entirety of the life insurance value chain, offering direct access to a previously underserved customer segment.”

Investing in Amplify represents our confidence in the team’s continued ability to democratize an asset class traditionally available only to the wealthy, making it accessible to underserved younger generations

Adoram Gaash, Managing Partner of Moneta VC

Since its Series A funding, Amplify has achieved 200% YOY growth. The company has also developed a proprietary machine learning model for accurate customer lifetime value prediction and ranking; this advanced customer acquisition algorithm has enabled the acquisition of high-value customers, resulting in significantly higher average premiums per policy compared to industry norms.

With end-to-end data capture, Amplify can better manage unit economics and focus on efficiencies in the sales funnel.

Amplify provides an AI-enabled educational journey, product recommendation and quoting, and real-time pre-underwriting to help customers learn about plans and customize a policy for their needs.

Amplify aims to help customers achieve health and financial wellness. Based in the San Francisco Bay Area, Amplify is open to all 50 states and has served thousands of customers.

Peter Sonner   by Peter Sonner