YuLife raises $120M Series C round to accelerate global expansion
Tech-driven insurance company YuLife will use its new capital to fundamentally change how people and businesses around the world derive value from financial products.
YuLife, the tech-driven insurance company on a mission to inspire people to live their best lives, today announced that it has raised $120M (~£95M) in a Series C led by Dai-ichi Life Holdings Inc. (TSE: 8750).
The funding round, which was supported by YuLife's existing investors such as MMC, takes YuLife's total funding to $206M since the company was founded in 2016. YuLife will use the capital to broaden its reach into new global markets and scale its product range, delivering financial products that improve lives and reward wellbeing.
YuLife has fundamentally changed the nature of life insurance, creating an innovative new 'win-win' model which benefits individuals, businesses and society. The highly engaging, game-like YuLife app enables policyholders to complete everyday wellness activities in order to earn rewards.
“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. ”Sammy Rubin, CEO and Founder, YuLife
In July 2021, YuLife raised a $70M Series B in one of Europe's largest insurtech funding rounds and has seen more than 5x growth in Gross Written Premiums year-on-year. YuLife now covers >500k policyholders across small to large businesses, with over $50bn (~£40bn) of cover in place.