US-based life insurance provider Ethos has received $35m in a series B round featuring GV and Arrive, subsidiaries of internet and technology group Alphabet and entertainment manager Roc Nation respectively.
Accel led the round, which included fellow venture capital firm Sequoia Capital and a debt facility supplied by Silicon Valley Bank. It valued Ethos at more than $100m, according to CNBC.
Ethos has built a digital platform that applies technologies such as predictive analytics to the life insurance process, calculating a user’s life expectancy instead of requiring them to take blood tests or medical exams.
The company also employs licensed agents that do not work on commission to provide advice to users. It claims applicants can secure cover in as little as 10 minutes, compared to the normal 10-week timeframe.
Nate Niparko, a partner at Accel, will join the company’s board of directors in conjunction with the round while Tyson Clark, a general partner at GV, will take a board advisor role.
The series B financing follows $11.5m disclosed by Ethos when it emerged from stealth in June this year. The round was led by Sequoia Capital and included Arrive, Stanford University, Downey Ventures, Durant Company, Smith Family Circle and a credit facility from Silicon Valley Bank.
Peter Colis, co-founder and chief executive of Ethos, said: “Ethos is proving that life insurance is something that can be bought by consumers, and not sold. We are proud to partner with Accel, Sequoia and GV on our mission to make simple, ethical life insurance.”
