US life insurance firm Ethos has secured a $2.7bn valuation after a $100m investment from SoftBank Group.
Ethos provides easy access to life insurance and uses machine learning and data science technology to disrupt the traditional life insurance model, removing the need for medical exams, blood tests and complex paperwork.
The company bagged the investment from SoftBank Vision Fund 2, a company who invested over $3bn in InsurTech companies worldwide. This recent investment brings Ethos’ total funding to over $400m.
Earlier this year, Ethos hit the $2bn valuation landmark when it raised $200m from its Series D funding round. This round was led by General Catalyst with notable investors including Accel, Sequoia Capital and Jay-Z’s Roc Nation.
The firm also revealed that its revenue and users have grown by more than 500% year-on-year and that it expects to issue $20bn of life insurance coverage this year – a total that would surpass all current competitors in the InsurTech space.
Ethos has additionally opened new offices in Austin, Texas and Singapore and claims it plans to double the size of its team by the end of this year.
While the company has made a lot of progress this year, it stated, “Still, we know there’s more we can do. Our mission is to protect families – not just more families but more kinds of families, of all ages and occupations, including people who haven’t thought about life insurance before, who thought they couldn’t qualify, or who thought they couldn’t afford it.”
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