Ladder, a US-based online life insurance portal backed by insurance providers Allianz and Northwestern Mutual, received $100m on Monday in a series D round valuing it at $900m according to TechCrunch.
The round was co-led by venture capital firm Thomvest Ventures and Omers Growth Equity, a subsidiary of pension fund manager Omers.
Founded in 2015, Ladder provides flexible life insurance policies ranging from $100,000 to $8m through a vertically integrated model and claims to have experienced a fourfold growth in revenue in 2020. The funding will be used to continue developing its platform and grow its team.
The company had raised $37.5m in a series C round led by Brewer Lane Ventures February 2020 that also featured Lightspeed Venture Partners, Canaan Partners, RRE Ventures and World Innovation Lab.
Allianz and Northwestern Mutual provided $10m for Ladder in May 2018 through respective corporate venturing subsidiaries Allianz Life Ventures and Northwestern Mutual Future Ventures to close its series B round at $40m.
The extension followed a $30m first tranche in January 2018 provided by RRE Ventures, Canaan Partners, Thomvest Ventures, Lightspeed Venture Partners and Nyca Partners. It came after $14m in series A funding from Canaan, Lightspeed, Nyca Partners and 8VC two years earlier.
Jamie Hale, co-founder and chief executive of Ladder, said: “I know first-hand how life insurance can change a life. With our carrier in operation and this new round of funding, we are in the position to greatly accelerate innovation in service of families and communities. I am so excited to see our original vision continue to materialise.”
