Ethos, a life insurtech start-up backed by Munich Re and Assurity Life, has raised an additional $35 million in funding from a Series B financing round, led by venture capital firm Accel.
Additional investors included Google Ventures (GV), previous investors Sequoia Capital and Arrive, a subsidiary of Roc Nation, and a debt facility from Silicon Valley Bank.
This latest round of financing brings Ethos’s total funding to more than $46 million, which the company said would help it meet growing customer demand and modernise the life insurance market.
As part of the funding arrangement, Accel partner Nate Niparko will join the Ethos board of directors and GV General Partner Tyson Clark will become an advisor to the company’s board.
“The life insurance industry has had a product and reputation problem for a long time,” said Niparko. “Ethos takes a technology-first approach to eliminate friction from the applications and claims process for its customers and has built a brand that people love and trust. We’re excited to partner with Peter, Lingke and the rest of the Ethos team to help modernize life insurance.”
Ethos processes thousands of life insurance customers and applications every month and has seen robust growth in 2018, with revenue, customers and applications growing by more than 400% in just the past four months.
“Ethos is proving that life insurance is something that can be bought by consumers, and not sold,” said, Peter Colis, Chief Executive Officer (CEO) and co-founder of Ethos. “We are proud to partner with Accel, Sequoia and GV on our mission to make simple, ethical life insurance.”