Life insurance provider YuLife has raised $70m (£50m) in a Series B funding round.
YuLife says it will use the funds to develop new products, expand penetration into the UK market and broaden its reach into new global markets.
The firm currently offers life insurance, income protection and critical illness to employers.
Commenting on the new funding, Sammy Rubin, CEO and founder of YuLife, said: “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 funding round was led by Target Global and supported by new investors Eurazeo and Latitude as well as existing investors Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd.
