YuLife, a UK-based life insurance provider backed by reinsurer Reinsurance Group of America (RGA)’s RGAx accelerator, has received $70m in a series B round led by venture capital firm Target Global.
The round was filled out by Anthemis, Creandum, Eurazeo, Latitude, MMC Ventures, Notion Capital and OurCrowd. The cash was secured at a $346m valuation, YuLife founder and chief executive Sammy Rubin told TechCrunch.
Founded in 2016, Yulife has built an online life insurance platform that motivates its users to live a healthy lifestyle through activities such as walking, cycling and meditation, which allow them to earn YuCoins that can be used on e-commerce marketplaces such as Amazon.
Rubin said in a statement announcing the deal: “The life insurance industry is ripe for transformation. For too many years, life insurance has focused solely on paying out a lump sum upon death.
“It is now time to reimagine the very nature of life insurance by putting ‘life’ first, and inspiring members to live their best lives every single day, using insurance as a tool to enhance their physical, mental and financial wellbeing.
“Redefining group-life insurance is just the start of the journey for YuLife as we look to inspire life through a vast range of new insurance products.”
The company closed a $12.6m series A round in mid-2019 led by Creandum and backed by RGAx and Anthemis Exponential Ventures, a joint vehicle between financial services firm MMI Holdings and VC firm Anthemis, in addition to MMC Ventures, Notion Capital and OurCrowd.
Anthemis Exponential Ventures and OurCrowd had also taken part in YuLife’s $3.9m seed round, which was led by VC firm LocalGlobe the year before.
