Insurtech YuLife has raised $120m in a Series C round of funding that the firm says it will use to accelerate its global expansion. In a statement that this round of investment had been led by Dai-ichi Life.
The funding round, which was supported by YuLife’s existing investors, takes the firm’s total funding to $206m since it was founded in 2016, having raised capital from top tier investors including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC, and Eurazeo.
Sammy Rubin, CEO and Founder, YuLife, said:
Insurance has the potential to achieve tremendous social good. Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual. We believe that wellbeing must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world.
He added: “Companies that choose YuLife are making a statement that they care deeply about their employees. Now more than ever it is important for companies to go above and beyond to build a culture of care in the workplace, as traditional benefits packages just do not do the job. Our proposition addresses a vital business need exacerbated by the Covid-19 pandemic and the ‘Great Resignation’.”
Series B funding for YuLife was nearly a year ago when the firm raised $70m in a round led by Target Global. That round was also supported by new investors Eurazeo and Latitude as well as existing investors Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd.
Of this latest round, Toshiaki Sumino, director and managing executive officer of Dai-ichi Life, said:
Dai-ichi Life is committed to supporting companies that have a proven track record of changing people’s lives for the better, and YuLife does exactly that, by bringing tangible value to financial products to bolster individuals’ wellbeing. YuLife has immense potential to build on its achievements to date. YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference to the lives of those using financial products.
The insurer will use the capital to develop new products, expand its UK market penetration, and broaden its reach into new global markets.