Singapore-based digital life insurance startup Singapore Life has received a $90m investment from insurance provider Sumitomo Life, The Business Times reported yesterday.
Sumitomo Life purchased approximately 25% of the company through the deal, which increased Singapore Life’s valuation to $358m, Singapore Life CEO Walter de Oude told the publication.
Founded in 2014, Singapore Life operates an online platform through which users can buy life insurance policies. It has also bought the business portfolio of Zurich Life Singapore.
The company has now raised $153m in total funding, having received $13m from asset manager Aberdeen Standard Investments (ASI) in January 2019, after insurance provider Aflac had supplied $20m for the round two weeks earlier.
Michael Spencer, founder of brokerage NEX Group, invested $50m in Singapore Life December 2018, at the time increasing his stake in the company to more than 60%.
Singapore Life had secured $50m in a 2017 series A round featuring investment holding group IPGL and Impact Capital Holdings, part of financial technology producer Credit China Fintech Holdings, which invested $21.4m in return for a 33.8% stake.