Sproutt raises $26 million
Digital life insurance broker Sproutt has raised $26 million in Series B funding. The round was led by MoreTech Ventures with investment from Harel Group, The Raptor Group, and Falcon Edge Capital, alongside existing investors.
Founded in 2018, Sproutt is in the space of Policygenius and essentially competing with the likes of Haven Life, Ethos, Ladder, and Bestow. With that in mind, here’s how its Series B round compares to others in the life insurance space:
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In July, we shared that Sproutt, which started with a D2C model, is looking to work with agents and in today’s funding announcement, co-founder and president Assaf Henkin addresses this new channel. “The pandemic threw a wrench into the process of face-to-face sales for insurance sellers, widening the ‘needs gap’ of 41 million Americans needing but lacking life insurance. When brokers started approaching us requesting access to our tailored life-insurance policies, we knew we could fill this gap and help a large segment of the population gain access to quality policies.”
Bottom Line: A little late to the party but so far no one has figured out where the action takes place.