Life insurance startup yulife has closed its Series A round on $10m to support its ability to reward policyholders for living healthy.
European early-stage investor Creandum Fund led the round, with participation also coming from MMC Capital, Notion Capital, Anthemis Exponential Ventures, RGAX and OurCrowd.
Founded in 2016, yulife aims to encourage its members to complete simple wellbeing activities, such as walking or meditating, by rewarding them with Avios air miles, vouchers and gift cards from partners which include Amazon and ASOS.
The app offers a variety of company insurance products ranging from accidental death coverage of up to £100,000 or full life insurance of up to £395,000.
Employees will receive instant cover and will only need to confirm their details in order to access the mobile app. Users can then access their insurance information on a dashboard with options to top-up the life insurance and add their beneficiaries.
A selection of daily challenges is available to users and completing them nets then a yucoin, with bonus rewards given to those that complete streaks. The app can connect with other health and meditation apps to support further monitoring of healthy living.
Yucoins can be redeemed for a variety of rewards such as discounts, gig tickets, gym memberships or air miles.
yulife founder Sammy Rubin 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.”
Prior to the Series A round, the InsurTech pulled in £3m to support the launch of its services in the UK. Capital was supplied by LocalGlobe, Anthemis Exponential Ventures, and OurCrowd.
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