Employee insurance and wellbeing startup YuLife raised $120 million from
- London-based life insurance startup YuLife has raised $120 million in fresh funding.
- The Series C funding comes from Japanese insurance giant, Dai-Ichi Life.
- YuLife will use the new capital to grow its UK operations and expand to the US in 2023.
YuLife, a life insurance startup that provides incentives to employees who live more active lifestyles, has raised $120 million.
The London-based startup was founded in 2017 and wants to differentiate from traditional competitors, who provide a lump sum upon death, by focusing on offering incentives such as Amazon vouchers and air miles for users to put their health and wellbeing first.
The startup has its own virtual currency, YuCoin, which can be earned by completing everyday wellness activities such as walking, cycling, meditation , and mindfulness . Employees can log their exercises on the company’s app, where it will grant them one YuCoin per mile walked. More recently, the company has offered tree planting as an exchange for coins.
“Our proposition has been borne out post-pandemic and building a culture of wellbeing at companies has gone from being a fringe offering to now becoming more mainstream,” Sammy Rubin, cofounder and CEO of YuLife, said. “Employees now expect more from their employers and that’s what we’re offering.”
Rubin said the company now manages half a million policies and had quadrupled revenues in the year since its last funding round.
This Series C round was led by Dai-ichi Life, Japan’s third largest insurance company, as a strategic investment. Existing investors including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo also backed the round, with YuLife raising $206 million in total funding to date.
“We weren’t looking for funding but the company wanted to make a strategic investment in Europe and they like our model and our focus on prevention,” Rubin said.
Funding will go towards further growing YuLife’s headcount, which stands at nearly 200. The company will also expand beyond the UK into the US market at the start of 2023 and has begun hiring staff in North America and beginning the process for regulatory approvals.
The global life insurance market is valued at around $2.2 trillion, per Swiss Re.
YuLife’s clients include US bank Capital One, grocery business Co-op, fintech Curve, French ad agency Havas Media, British water company Severn Trent, and food services business Sodexo.