Amplify Raises $12M Funding Round for Life Insurance Investment Platform
Amplify Life Insurance, a digital life insurance platform focused on helping customers build wealth through permanent life insurance, announced today it has raised $12M in Series A funding co-led by Greycroft and Crosslink Capital. Other investors who participated include Conversion Capital, Anthemis, and Transverse Asset Management.
Amplify is the first digital platform that offers customers the ability to invest in public equities or alternative investments with their life insurance premiums, accessing tax-free returns throughout their lifetime. Amplify customers get a customized plan based on their financial goals, risk tolerance, and underwriting risk profile. Customers can also customize how much of their premiums are invested in tax efficient, high growth investments and how much goes towards their life insurance coverage. With built-in capabilities for expedited underwriting and policy delivery, most Amplify customers are able to get a life insurance investment policy within days and without a medical exam.
After incorporating in September 2019, Amplify raised their seed round in January, 2021. Since launching their customer-facing platform in 2020, Amplify has been growing over 400% Y-O-Y and has helped thousands of customers with a life insurance investment plan.
“At Amplify, we are providing millions of Americans with a financial vehicle that can help them build wealth [while protecting what matters most],” said Hanna Wu, Co-founder and CEO at Amplify.
Since raising their Series A, Amplify has hired a senior leadership team of executives from major insurtech and fintech platforms such as Root, Oscar Health, and Splash Financial, as well as technical leaders from Amazon.
In the year ahead, Amplify plans to launch an engaging mobile application where customers will be able to manage their investment portfolio and coverage details, all at their fingertips. Additionally, customers can manage family policies for retirement, savings, legacy, or college education. Amplify’s vision is to build a customer-centric life insurance company with a streamlined purchasing process, health and wealth benefits, and an engaging customer experience throughout the lifetime of the policyholder.
“The problem with life insurance is that you never engage with the policy, which makes for a poor digital experience. Amplify figured out how to bridge the gap between insurance and fintech to create a unique and engaging consumer experience,” said Ian Sigalow, Cofounder and Partner at Greycroft.
“Crosslink invested in Amplify for a simple reason, Hanna and her team’s vision for building a very large, disruptive and important new fintech leader and our confidence in their bona fides to execute. The Amplify team’s scale of ambition and velocity of enterprise has truly impressed us.” said David Silverman, Partner at Crosslink Capital.
About Amplify Life Insurance
Amplify is the first digital permanent life insurance platform offering customers direct access to products where you access tax-efficient investment returns and obtain lifelong protection. It’s founded by serial entrepreneurs with industry and technology expertise looking to modernize the $70B permanent life insurance industry. Amplify provides an AI-enabled educational journey, product recommendation and quoting, and real-time pre-underwriting to help customers learn about plans and customize a policy for their needs. Founded in 2019, Amplify aims to help customers achieve health and financial wellness. Based in the San Francisco Bay Area, Amplify is open to all 50 states and has served thousands of customers.
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build the world’s most transformative companies. We have deep experience investing in consumer, enterprise, digital health, and fintech sectors around the globe and work as a team to support and advise entrepreneurs, empowering them to execute on their visions. Greycroft manages over $2 billion in capital and has made over 200 investments, including Acorns, App Annie, Axios, Bird, Boxed, Braintree, Buddy Media, Huffington Post, Icertis, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, and Venmo. For more information, please visit https://www.greycroft.com.
About Crosslink Capital
Crosslink, founded in 1989, is a premier early-stage venture capital firm with more than $5.0 billion in assets under management. Crosslink partners with founders that are market disrupters and category creators, typically at the Seed and Series A stage, across highly dynamic enterprise and consumer technology sectors. Crosslink is currently investing out of its ninth early-stage fund ($350M), with a strong focus on enterprise software, financial and insurance technology and data.
Over its history, Crosslink has invested in companies such as Bleacher Report (acquired by TWX), BuildingConnected (acquired by ADSK), Chime, Coupa (NASDAQ: COUP), Omniture (acquired by ADBE), Personal Capital (acquired by Empower Retirement), Postmates (acquired by UBER), ServiceMax (acquired by GE), Vungle (acquired by Blackstone) and Weave (NYSE: WEAV).
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