London-based YuLife, a life insurance and policy provider that uses technology to motivate and inspire people to live healthier lives, announced on Thursday that it has raised $120M (approximately €117.55M) in a Series C round of funding.
The company has raised a total of $206M in funding to date. In July 2021, YuLife secured $70M in its Series B round, touted as one of Europe’s largest insurtech funding rounds. The company claims to have witnessed more than 5X growth in Gross Written Premiums year-on-year.
YuLife now covers more than 500,000 policyholders across small to large businesses with over $50B of cover in place.
Investors
The investment was led by Dai-ichi Life Insurance Company, Limited, a new strategic investor.
Dai-ichi Life is a Japanese insurance company founded in 1902 as Japan’s first mutual insurance company. The company has a market capitalisation of £16.2B, a premium income of £32.9B, and approximately 65,000 employees for the group as a whole. Since 2007, the firm has been focusing on overseas expansion and is now present in eight countries, including the US and Australia.
YuLife’s existing investors, including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC, and Eurazeo, also participated in this round.
Capital utilisation
YuLife claims it will utilise the proceeds to extend its product line and expand its reach into new international markets. This also advances the company’s goal of making financial services a positive force for society. The company wants to create financial solutions that enhance lives and reward wellbeing,
Sammy Rubin, CEO and Founder of YuLife, says, “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 around the world.”
About YuLife
Founded in 2016 by Sammy Rubin, Jaco Oosthuizen, Jonathan Roomer, Josh Hart, and Sam Fromson, YuLife offers group life insurance plans with additions like virtual family doctor visits and wellness incentives. When employees exercise or practice meditation, they are rewarded with shopping vouchers. The company’s mission is to inspire life and turn financial products into a force for good.
YuLife’s insurance approach places an emphasis on risk reduction rather than just claims reimbursement. It does so by utilising the latest behavioural science and technological advancements. The firm is revolutionising the employee benefits industry by rewarding workers for leading healthy lives, promoting mental, physical, and financial wellness, and assisting in the development of teams that are healthier, happier, and motivated.
YuLife claims to have fundamentally changed the nature of life insurance by developing a new “win-win” business model that is advantageous to people, companies, and society as a whole. YuLife policyholders may earn YuCoin through daily health activities on the game-like YuLife app, which they can then spend on presents for friends, family, or themselves.
Policyholders can also use YuCoin to make the world a better place by planting trees and giving to charities.
