Juno raises $8.5 million
Juno, a startup offering child disability insurance, has closed an $8.5 million Series A round led by Spero Ventures with participation from Floating Point, Newark Ventures, and WVV Capital, bringing its total capital raised to $12.5 million.
The new funding will be used to expand the company’s client base and broker network as well as increase product flexibility to “meet the budget of any company looking to offer the benefit.”
Offered through employers, Juno’s coverage provides parents cash payments and personalized support if their child develops a severe illness, disability, or injury. Parents can receive up to $1 million ($500,000 per qualifying child) in tax-free cash, paid in monthly installments for up to 10 years. The benefit covers children from birth to age 26 and can be used in any way a family chooses, including supplementing lost income, hiring specialized caregivers at home, or addressing medical costs not covered by health insurance.
Juno distributes policies for an insurance company rated “A- Excellent” by A.M. Best, and policies are backed by four insurers/reinsurers, including AIG.
“For more than half a century, employers in the U.S. have offered disability insurance as a standard employee benefit, but until now, employees have struggled in silence if their child becomes severely disabled. We are so excited to partner with leading employers and brokers to finally fill this gap and provide life-changing, long-term financial support for working parents. Child disability insurance protects parents from their largest uncovered financial risk, and this latest investment will enable more companies to offer this truly meaningful benefit for their employees.” – Jordan Epstein, CEO and co-founder of Juno.
“Juno is the pioneer of child disability insurance in the U.S., and we are proud to help establish this new core benefit category. We have always focused on supporting mission-driven companies like Juno, whose products improve the bottom line for businesses while making an impact for ordinary people and society at large. Child disability insurance fills a gap in our country’s safety nets, offers financial protection for all working parents, and helps employers engage, attract, and retain talent. Most importantly, it can be truly life-changing for families when a child becomes severely ill or disabled.” – Stephen Wemple from Spero Ventures.
