Almost all kinds of life insurances focus solely on payout in the event of demise. And there has been almost no change in the way the life insurance industry has been operating for a long time. London-based YuLife intends to change this as it aims to reinvent life insurance. The company focuses on enabling users to lead a healthier lifestyle in various ways and has now raised a notable $70 million in its series B funding round.
Target Global backs the $346 million valuation insurtech
The latest funding round for YuLife was led by Target Global and new investors Eurazeo and Latitude supported the round. Company’s existing investors Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd participated as well. YuLife will use the fresh finds to develop new products, expand its reach into the UK market and expand to new global regions with a focus on Europe and North America. With this funding round, YuLife is now valued at $346 million (£250 million).
Ben Kaminski, Partner, Target Global, says, “With health and wellbeing increasingly thrust into the limelight in the wake of Covid-19, YuLife is fundamentally changing insurance by incentivizing people to lead healthier lifestyles. YuLife is ideally positioned to build on its tenfold growth during the pandemic and lead the way in helping its clients respond to the challenges posed by an ever-changing working environment.”...