London based insurtech startup YuLife has raised $70M (€59.3M) in its Series B funding round. The funding round was led by Target Global and new investors Eurazeo and Latitude as well as existing investors Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd.
The insurance industry has seen a paradigm shift over the years, and this change has constantly supported members, insurers and employers. Active YuLife members make proactive lifestyle changes, prevent physical and mental illness, and financially protect themselves thanks to essential services, the startup mentions in a statement.
With the proceeds, YuLife plans to make 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,” says 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 claims to witness more than 10x growth in Gross Written Premiums in 2020 and it has already provided more than $15B (nearly €12.7B) of total cover to employees and their families at companies, including Capital One, Co-op, Curve, Havas Media, Severn Trent, and Sodexo.
Founded in 2016, insurtech startup YuLife Insurance is headquartered in London and backed by serial investors and VCs, including Target Global, Eurazeo, Latitude, Creandum, MMC Ventures, Notion Capital, LocalGlobe, Anthemis Exponential Ventures, and OurCrowd.
In addition to regular services, YuLife’s life insurance also adds critical illness, income protection, virtual GP services and employment assistance such as counselling and coaching.
YuLife allows employers to reward healthy living by offering employees discounts and vouchers from Amazon, ASOS, and Avios which can be purchased with YuCoin, YuLife’s virtual currency. This is earned by completing everyday wellness activities such as walking, cycling, meditation, and mindfulness.
YuLife’s app harnesses behavioural science, artificial intelligence and game mechanics to provide members with healthy habits along with HR insights for businesses. YuLife app has an average of 120 annual touchpoints, and almost one million wellness quests have been completed through the app to date.
In 2019, the company raised €11.3M in Series A funding. The round was led by Creandum Funds, which has previously backed successful ventures like iZettle and Spotify. Additionally, MMC Ventures and Notion Capital participated in the round alongside existing investors Anthemis Exponential Ventures, RGAX and one of Israel’s most active venture investors, OurCrowd.