PlanGap, a product innovation company creating a new class of retirement income protection solutions, has secured $9.4m in Series A funding to support its mission of bringing more social security protection products to market.
This investment, led by Cultivation Capital, will advance technology and product development for PlanGap Social Security protection and other retirement income risks, the company said.
Founded in 2017, Atlanta-headquartered PlanGap is a product innovation company that offers life insurance products to solve previously unaddressed financial concerns for retirees. The company aims to empower Americans to be in control of their retirement income with its Social Security Protection, provided by highly rated insurance carriers.
In November, PlanGap entered into a strategic partnership with Insurex to develop reinsurance solutions for the Social Security Protection marketplace.
David Duley, founder and CEO of PlanGap, said, “The average household plans to receive nearly $1m in lifetime benefits from Social Security, and for the vast majority of Americans, these benefits are the bedrock of their retirement income plan. They want and deserve a way to protect their promised benefits from being used as a political football.”
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