Ethos, which provides easy access to life insurance, has hit a $2bn valuation after the close of its $200m Series D funding round.
The investment comes after Ethos hits a 500% year-over-year growth. Furthermore, the company expects to issue $20bn of life insurance coverage this year.
Some of its other milestones include nearing $100m in annualised gross profit and increasing its EBITDA.
This Series D round was led by General Catalyst, with commitments also coming from Sequoia Capital, Accel, Glade Brook Capital Partners, GV and Jay-Z’s Roc Nation.
Some of the other previous investors include the investment vehicles of Will Smith and Robert Downey Jr.
With the close of the Series D, the FinTech hopes to enrich its technology and data platform as well as launch new products to help more people protect their families.
Ethos leverages machine learning and data science technologies to upend the traditional life insurance model. The platform removes the need for medical exams, blood tests or complex paperwork.
Sequoia partner Roelof Botha said, “Ethos has fundamentally changed the life insurance industry by providing a tech-enabled, vertically-integrated solution.
“We’ve been inspired by Ethos’ mission since we first partnered with [co-founders] Peter and Lingke at the seed, and we are thrilled to continue working with them and the team to make life insurance more accessible.”
With the close of the round, the company has raised a total of $300m in funding. The InsurTech previously raised $60m in its Series C round, which was led by GV.
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