Ladder Financial, a US-based digital life insurance provider backed by insurance and finance groups Northwestern Mutual and Allianz, has secured $37.5m in series C funding, the Wall Street Journal has reported.
The round was led by venture capital firm Brewer Lane Ventures and included World Innovation Lab, Lightspeed Venture Partners, Canaan Partners and RRE Ventures.
Founded in 2015, Ladder runs an online platform where customers can access life insurance. Users apply through a 10-minute questionnaire and the company utilises smart algorithms that can make them an offer directly afterwards.
The service does not make use of salespeople working on commission and does not charge fees. The policies themselves are issued by Allianz Life in New York and Fidelity Security Life Insurance elsewhere.
The company has now raised more than $93m altogether, having closed its $40m series B round in mid-2018 after corporate venturing units Allianz Life Ventures and Northwestern Mutual Future Ventures invested $10m.
RRE Ventures, Thomvest Ventures, Canaan Partners, Lightspeed Venture Partners and Nyca Partners supplied the first $30m, the latter three having joined 8VC for Ladder’s $14m series A round in 2016. The company had previously secured $2.1m in 2015 according to a securities filing.
