Insurtech YuLife raises $120m Series C, led by Japanese insurance giant Dai-ichi Life

By Oliver Smith on Thursday 7 July 2022

Digital Banking

CEO Sammy Rubin says the group now covers over 500,000 policyholders.

Insurtech YuLife raises $120m Series C, led by Japanese insurance giant Dai-ichi Life
Image source: Sammy Rubin (second from the left) /YuLife.

Despite the turbulent funding environment UK insurtech YuLife this morning announced a whopping $120m Series C funding round, led by one of Japan’s largest insurance groups.

The c.£95m raise comes less than a year after YuLife closed its $70m Series B and takes the total funding raised by the startup to $206m since 2016.

YuLife offers corporate life, health and income insurance products that it says now cover over 500,000 individual policyholders with over £40bn worth of cover in place.

With its latest funding round, YuLife says the capital will be used to enter new global markets while also scaling its range of products.

Japan’s third-largest insurer, Dai-ichi Life Insurance, led YuLife’s Series C and was joined by the startup’s existing investors which include Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo.

“Companies that choose YuLife are making a statement that they care deeply about their employees”, said Sammy Rubin, CEO and founder of YuLife.

“Now more than ever it is important for companies to go above and beyond to build a culture of care in the workplace, as traditional benefits packages just do not do the job. Our proposition addresses a vital business need exacerbated by the Covid-19 pandemic and the ‘Great Resignation’.”

As well as just providing insurance products, YuLife also allows employees to reward healthy living by offering employees discounts from leading brands, such as Amazon and Asos, when they complete wellness activities, like cycling, walking and mindfulness.

When employees complete healthy living tasks, they are then rewarded with YuCoin, YuLife’s virtual currency that can be used to purchase discounts and vouchers with the insurtech’s partner brands.

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