Eleos raises $4 million

UK-based Eleos , a provider of life insurance and income protection products, has raised $4 million in a Seed funding round led by Fuel Ventures and Indico Capital, with APX as a participant.

Founded in 2022, Eleos partners with financial brands to embed white-labelled income protection and life insurance into their online journeys. This enables its partners to benefit from new revenue streams, enhanced customer retention, and full regulatory coverage under the company’s FCA authorization. Currently Eleos’s partners include the credit-building specialists Loqbox and CreditLadder and the flexible loans providers CreditSpring and Updraft.

“With our new funding we will launch more lines of insurance in the life and disability verticals and strike more distribution partnerships in the UK. Part of the funding is also earmarked to launch operations in the US.” – Kiruba Shankar Eswaran, CEO of Eleos.

“We’ve been looking for a way into the insurtech sector for a long time but to do that we need a team with specialist experience, an understanding of the challenges and access to a substantial market. With Eleos we’ve found all three and we believe their products encapsulate our thinking about the insurance space – giving people easy access on familiar platforms. We’re working together to make our shared vision of the future a reality and that’s why we’ve doubled down on our support for their growth and expansion.” – Mark Pearson, founder of Fuel Ventures.

“Indico is happy to keep supporting experienced founders such as the founders of Eleos. The insurtech market has plenty of room to grow and Eleos is targeting areas which are not only sizeable but overlooked by other current players globally.” – Stephan Morais, Managing General Partner of Indico Capital Partners.