US-based life insurance platform developer Ethos Technologies received $200m in series D funding today from investors including entertainment agency Roc Nation and GV, a subsidiary of internet and technology group Alphabet.
General Catalyst led the round, which valued the company at $2bn. It included fellow venture capital firms Sequoia Capital and Accel as well as Will Smith’s Dreamers VC fund and a vehicle representing fellow actor Robert Downey Jr that may have been Downey Ventures.
Founded in 2016, Ethos operates an online platform where users can select and purchase life insurance policies. It is attempting to remove the hassle associated with taking out life insurances by simplifying and speeding up the application process.
Peter Colis, co-founder and chief executive officer of Ethos, said the funding will support the company’s growth as it plans to potentially expand internationally and develop new products.
GV led the company’s $60m series C round, in August 2019, which was backed by investment bank Goldman Sachs, Sequoia Capital and Accel at a valuation of up to $500m. It added $35m in a 2018 series B led by Accel, which invested together with GV, Sequoia Capital and Roc Nation’s investment arm, Arrive.
Ethos had emerged from stealth in 2018 with $11.5m of funding from a round led by Sequoia Capital that included Arrive, Downey Ventures, Stanford University, Durant Company and Smith Family Circle. Silicon Valley Bank (SVB) had supplied debt facilities through its series A and B rounds.