Ladder raises $100 million
Palo Alto-based life insurance MGA Ladder Insurance announced a $100 million Series D round that values the company at $900 million. The round was led by Thomvest Ventures and OMERS Growth Equity. Previous backers include Allianz Life and Northwestern Mutual, along with RRE, Canaan Partners, Lightspeed and others.
Founded in 2015, the company (a team of ~89) provides flexible-term life insurance policies providing coverage ranging from $100,000 to $8 million. The company also announced that it has become the first fully digital life insurance company in operation, after issuing its first policies through Ladder Life Insurance Company. “I know first hand how life insurance can change a life. With our carrier in operation and this new round of funding, we are in the position to greatly accelerate innovation in service of families and communities. I am so excited to see our original vision continue to materialize.” – Jamie Hale, CEO and Co-Founder at Ladder.
“The world is only becoming more digital, not less, and the life insurance industry to-date has been slow to modernize. We are excited to invest in Ladder’s vision to build the digital life insurance company of tomorrow, and their announcement today that they are the first in operation shows that they are outpacing the industry.” – Don Butler, Managing Director, Thomvest Ventures.
“Jamie Hale and his visionary management team are building Ladder into an innovative, market-leading digital life insurance company. We are very pleased to count Ladder as OMERS Growth Equity’s first direct fintech investment – as well as our entry in the insurtech space, expanding on the insurtech presence established by our OMERS Ventures colleagues. We believe that the company offers a truly transformative approach, including through its efficient adjudication of risk and enhanced user experience.” – Saar Pikar, Managing Director and fintech lead, OMERS Growth Equity.