London-based lifestyle insurance startup yulife has raised €11.3 million in a Series A round, led by Creandum Funds. The funding round also saw participation from other investors, such MMC Ventures and Notion Capital, alongside existing investors Anthemis Exponential Ventures, RGAX and Israel’s most active venture investor OurCrowd. The company intends to use the funds to fulfil its vision of making life insurance a force for good.
yulife is a life insurance company, but not quite as we know it. The startup advertises itself as a lifestyle insurance firm that focuses on both large businesses and SMEs. It brings together life insurance, wellbeing, and rewards in one simple app. The company rewards its customers for living well now, as well as protecting their loved ones in the future.
The yulife app, available on both iOS and Android devices, encourages users to complete simple wellbeing activities, such as walking or meditation. Customers can then reap the rewards by claiming benefits on the app. Rewards include Avios air miles, vouchers and gift cards from partner brands including Amazon and ASOS.
The focus on wellbeing is also geared towards producing a more productive workforce for businesses. In essence, a healthier workforce is a happier workforce.
Force For Good
The fresh capital takes yulife’s total funding to €14.7 million over two funding rounds. With the new funds, the startup hopes to further develop their product and reach more businesses.
Co-founder Sammy Rubin said about the investment: “We’re confident that the further funding will allow us to fulfil our vision of making life insurance a force for good. We’re grateful to receive backing from investors with whom we are so deeply aligned, and believe this will help us promote our proposition to inspire lasting, healthy change in people’s lives.”