YuLife has raised $120m (£95m) in a Series C funding round led by Dai-ichi Life Holdings – a new strategic investor in the company.
The funding round, supported by YuLife’s existing investors, takes YuLife’s total funding to $206m since launch in 2016.
The company has raised capital from investors including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo. The firm says it will use the funds to broaden its reach into new global markets and scale its product range.
Sammy Rubin, CEO and founder at YuLife, said: “Insurance has the potential to achieve tremendous social good. Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual. We believe that wellbeing must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world.
“Companies that choose YuLife are making a statement that they care deeply about their employees”, Rubin continued.
“Now more than ever it is important for companies to go above and beyond to build a culture of care in the workplace, as traditional benefits packages just do not do the job. Our proposition addresses a vital business need exacerbated by the Covid-19 pandemic and the ‘Great Resignation’.”
Toshiaki Sumino, director and managing executive officer at Dai-ichi Life Holdings, added: “Dai-ichi Life is committed to supporting companies that have a proven track record of changing people’s lives for the better, and YuLife does exactly that, by bringing tangible value to financial products to bolster individuals’ wellbeing.
“YuLife has immense potential to build on its achievements to date, and we are thrilled to invest and help propel YuLife towards its next steps and scale its global operations. YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference to the lives of those using financial products.”
