London-based insurtech startup Eleos has raised $750,000 (£615,200) in a pre-seed investment round led by Fuel Ventures.
Launched in 2023, Eleos partners with brands – predominantly fintechs – to embed income protection insurance and life cover into their products.
The company is based in London with an additional team in Lisbon. It has partnered with fintech brands Loqbox and Updraft to provide white-labelled insurance products.
“Our mission is to give everyone the financial stability that will steer them safely through times of unavoidable hardship by offering accessible, affordable and essential insurance policies,” said Eleos founder and CEO, Kiruba Eswaran.
“We’ve made huge progress towards this goal in just a few short months, and with our new investment partners, that progress will accelerate.”
Fuel Ventures was joined by Indico Capital Partners, APX and Magic Fund in participating in the pre-seed round.
“Eleos is building something hugely innovative and exciting, shaking up the insurance industry,” said Fuel Ventures founding partner, Mark Pearson.
“They’re a welcome addition to the Fuel Ventures portfolio, and we look forward to supporting their continued success.”
Stephan Morais, managing general partner of Indico Capital Partners, added: “The digitalisation of insurance is still in its early days, and Eleos is innovating in this massive field.”
Earlier this week, fellow insurtech startup Sprout.ai secured £5.4m.