Insurtech company Ethos has raised $200 million in a Series D investment round, boosting its valuation to $2 billion.
Since its initial launch, revenue and users have each grown by more than 500% year-over-year, and the company expects to issue $20 billion of life insurance coverage in 2021.
The latest funding round was led by General Catalyst with other investors including Sequoia Capital, Accel, GV (formerly Google Ventures), and Jay-Z’s Roc Nation also participated, alongside Glade Brook Capital Partners.
Peter Colis, Ethos Chief Executive Officer (CEO) and Co-Founder, commented: “We are on a mission to protect the next million families and will use this money to continue improving the best insurance customer experience ever created.
“This funding will help us enrich our technology and data platform, and help us launch new products to enable everyone an opportunity to protect their families.”
Kyle Doherty, partner at General Catalyst, added: “We’re very excited to invest in the vision and team at Ethos. Traditional life insurance remains largely unchanged over the years. It’s an area that’s ripe for innovation, and Ethos’ successful execution demonstrates they are clearly ahead of all others in leading this digital transformation.”