US-based online life insurance platform Ladder raised $10m from insurance providers Allianz and Northwestern Mutual on Tuesday to increase its series B round to $40m.
The capital was supplied through subsidiaries Allianz Life Ventures and Northwestern Mutual Future Ventures. The $30m first tranche closed in January 2018 and was funded by RRE Ventures, Thomvest Ventures, Canaan Partners, Lightspeed Venture Partners and Nyca Partners.
Ladder has developed an online platform equipped with technologies such as machine learning which enables users to access life insurance quickly, through flexible plans that allow them to change coverage more easily than with traditional policies.
Emily Reitan, vice-president of strategy and business development for Allianz’s life insurance subsidiary, Allianz Life, said: “We have been increasingly impressed with the innovations Ladder is bringing to the market.
“Life insurance is a critical component of any solid financial plan, and both Allianz Life and Ladder share the common goal of ensuring Americans have the proper protection in place to help meet their financial goals.”
Ladder’s product is available in 49 US states as well as the city of Washington DC, and the extra funding will go to boosting headcount, particularly in the company’s engineering, marketing and product-focused teams.
Canaan Partners led the company’s $14m series A round in October 2016, investing alongside Lightspeed Venture Partners, Nyca Partners and 8VC.