Insurance company yulife has secured GBP10 million in a Series A funding round led by Creandum Funds, backers of Spotify, iZettle and depop.
MMC Ventures and Notion Capital participated in the round alongside existing investors Anthemis Exponential Ventures, RGAX and Israel’s most active venture investor OurCrowd. This new round of funding follows a previous GBP3 million seed-round led by LocalGlobe.
yulife is on a mission to breathe life back into life insurance by rewarding people for living well now, whilst protecting their loved ones in the future.
Group life cover (or death in service, as it’s often known) is one of the most commonly found employee benefits in large companies, with annual premiums of GBP2 billion. However, it is also perceived as complex and poor value, which contributes to why 87 per cent of SMEs don’t have any life insurance in place for their teams.
yulife addresses the needs of large companies and SMEs alike, offering an end to end digital journey to streamline the buying process, and engaging with each member directly via their wellbeing app.
The app encourages members to complete simple wellbeing activities, such as walking or meditation, by rewarding them with Avios air miles, vouchers and gift cards from partner brands including Amazon and ASOS. yulife believes that wellbeing and company life insurance are naturally connected, as healthier members mean lower risk, as well as a happier and more productive workforce.
yulife plans to use the funds to further develop their product and reach more businesses, providing company life insurance that brings wellbeing into the workplace.
yulife was founded in 2016 by serial entrepreneur Sammy Rubin, who said, “It’s been an incredible privilege to work with such a great team building yulife over the past three years and we’re confident that the further funding will allow us to fulfil our vision of making life insurance a force for good. We’re grateful to receive backing from investors with whom we are so deeply aligned, and believe this will help us promote our proposition to inspire lasting, healthy change in people’s lives.”
Creandum Advisor Partner, Carl Fritjofsson, says: “yulife stands out as the first of its kind, integrating gaming, psychology and wellbeing to break new ground in the life insurance industry, helping to better people’s lives, here and now. We are eager to support yulife’s growth and development, and work with the team to progress our shared mission.”