Insurance Startup Raises $120m Investment From Dai-Ichi Life

• London-dependent everyday living coverage startup YuLife has lifted $120 million in fresh funding. 
• The Series C funding will come from Japanese insurance large, Dai-Ichi Lifetime. 
• YuLife will use the new capital to increase its United kingdom operations and develop to the US in 2023. 

YuLife, a everyday living insurance startup that supplies incentives to workers who stay a lot more lively existence, has lifted $120 million. 

The London-primarily based startup was founded in 2017 and would like to differentiate from classic rivals, who give a lump sum on death, by concentrating on supplying incentives this kind of as Amazon vouchers and air miles for users to place their health and wellbeing initially.

The startup has its own digital forex, YuCoin, which can be earned by finishing daily wellness actions these kinds of as strolling, cycling,

meditation

, and

mindfulness

. Staff members can log their physical exercises on the firm’s application, where it will grant them one YuCoin for each mile walked. More not too long ago, the company has supplied tree planting as an trade for coins. 

“Our proposition has been borne out submit-pandemic and building a society of wellbeing at corporations has gone from staying a fringe giving to now turning into additional mainstream,” Sammy Rubin, cofounder and CEO of YuLife, mentioned. “Staff members now hope extra from their employers and that’s what we’re giving.”

Rubin claimed the enterprise now manages fifty percent a million policies and had quadrupled revenues in the calendar year since its final funding spherical.

This Series C spherical was led by Dai-ichi Life, Japan’s 3rd greatest insurance policies corporation, as a strategic investment.  Existing traders including Creandum, LocalGlobe, Focus on World, Latitude, Anthemis, OurCrowd, Idea, MMC and Eurazeo also backed the round, with YuLife increasing $206 million in overall funding to day. 

“We were not on the lookout for funding but the firm needed to make a strategic financial investment in Europe and they like our model and our aim on prevention,” Rubin said.

Funding will go to even more developing YuLife’s headcount, which stands at nearly 200. The corporation will also broaden over and above the British isles into the US current market at the start of 2023 and has begun employing staff members in North The us and commencing the approach for regulatory approvals.

The world wide lifetime insurance policies current market is valued at all around $2.2 trillion, per Swiss Re.

YuLife’s shoppers incorporate US bank Cash One, grocery enterprise Co-op, fintech Curve, French ad company Havas Media, British water enterprise Severn Trent, and foods companies business Sodexo.