Life insurance startup Ethos has secured $35m in its Series B, just months after launching from stealth.
The new financing was led by early and growth-stage investor Accel, with participation also coming from Google Ventures (GV). Existing backers Sequoia Capital and Arrive, a subsidiary of Roc Nation, also made an investment into the series.
Alongside the investors, Silicon Valley Bank supplied a debt facility.
The latest investment, which brings the company total funding efforts to $46m, will be used to meet growing customer demand. Capital is also earmarked to support its continued efforts digitalising the insurance space.
Ethos is a digital life insurance platform which aims to help those which dont time for fine print, extra doctors appointments or hidden fees. The platform leverages predictive analytics to improve the policy purchase and finding consumers the best protections.
The company uses data science and analytics to predict an individual life expectancy, with 99 per cent of its customers having never needed a medical exam or blood test before buying insurance.
Following the deal, Accel partner Nate Niparko will join Ethos board of directors and GV general partner Tyson Clark has also joined the board as an advisor.
Accel partner Nate Niparko said, “The life insurance industry has had a product and reputation problem for a long time. Ethos takes a technology-first approach to eliminate friction from the applications and claims process for its customers and has built a brand that people love and trust.”
Earlier in the year, the company launched from stealth following the close of an $11.5m financing round. The round was led by Sequoia Capital and participation also coming from Arrive, Downey Ventures, Durant Company, and Smith Family Circle.
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