YuLife raises $120 million
Group life insurance startup YuLife has raised $120 million in a Series C round led by Dai-ichi Life Holdings, which owns Protective Life. To date, the UK-based startup raised $206 million and its valuation based on this latest round is $800 million.
Founded in 2016, YuLife brings Vitality-style features to group life insurance, allowing policyholders to complete everyday wellness activities in order to earn YuCoin, which they can use to buy gifts for themselves, friends or family, or to improve the world through planting trees and donating to charity. YuLife now covers >500k policyholders across small to large businesses, with over $50 billion of coverage in place.
In April, we reported that YuLife is entering the US.
“Insurance has the potential to achieve tremendous social good. Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual. We believe that wellbeing must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world. Companies that choose YuLife are making a statement that they care deeply about their employees. Now more than ever it is important for companies to go above and beyond to build a culture of care in the workplace, as traditional benefits packages just do not do the job. Our proposition addresses a vital business need exacerbated by the Covid-19 pandemic and the ‘Great Resignation’.” – Sammy Rubin, CEO and founder, YuLife.
“Dai-ichi Life is committed to supporting companies that have a proven track record of changing people’s lives for the better, and YuLife does exactly that, by bringing tangible value to financial products to bolster individuals’ wellbeing. YuLife has immense potential to build on its achievements to date, and we are thrilled to invest and help propel YuLife towards its next steps and scale its global operations. YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference to the lives of those using financial products.” – Toshiaki Sumino, director, managing executive officer, Dai-ichi Life Holdings, Inc.
