Insurtech Empathy announced the closure of a $47 mn Series B funding round, spearheaded by Index Ventures, alongside notable contributions from General Catalyst, Entrée Capital, Latitude, and Brewer Lane.
The new funding will allow Empathy to expand by leaps and bounds, guaranteeing that it stays the course in this transformation to make loss and end-of-life issues less of an ordeal for all bereaved families.
The Series B funding will be used to expand Empathy’s services and cover new industries and regions nationwide.
The funding round saw strategic investments from major life insurance carriers including Allianz, MassMutual Ventures, MetLife, New York Life Ventures, Securian Financial, and Sumitomo (see What is the world’s most valuable life insurance policy?).
This investment of capital brings Empathy’s total raised funds to an $90 mn.
Empathy’s platform has emerged as the new standard in addressing grief and loss, offering support not only to individuals but also serving as a rapidly growing benefit for insurance carriers and employers alike, insurtech says.
Unsupported bereavement affects stress levels, productivity, mental health, and workplace morale. While 90% of employers today do offer bereavement leave, 60% still only provide up to three days of leave, even though loss continues to affect employees for more than a year after they return to work (see Why Millennials Buying Life Insurance?).
Empathy is reshaping the landscape of family care, providing much-needed solace and assistance during times of distress.
Dealing with the loss of a loved one is one of life’s most challenging moments, yet there has been a problematic gap in the traditional support systems and benefits that barely touches on what families need
Ron Gura, Co-Founder and CEO of Empathy
The company’s commitment to changing the way society navigates through grief and loss is evident in its rapid expansion and the unwavering support it has garnered from both investors and industry leaders.
“We provides help in a sustainable, scalable way by working with employers and insurance carriers to become the new standard for modern benefits. Embracing empathy in the workplace is good for families, good for business, and good for our society as a whole”, said Ron Gura.
Empathy has made an assistance with grief, estate settlement, probate and more available to 5 million employees and 35 million policyholders across the U.S.
This support comes at no cost to families, provided either through their life insurance benefits or coupled with bereavement leave through an employer.
“Empathy stands at the forefront, integrating heartfelt support into the employee journey with a solution that helps businesses and insurance carriers of all sizes to invest in their human capital and do better for all”, said Danny Rimer, Partner at Index Ventures.
by Peter Sonner
