InsurTech company yulife raises £10 million Series A Investment led by Creandum

London. yulife, the life insurance company which puts wellbeing at the heart of its insurance offering, has announced today that it has secured £10 million in Series A funding.

The round was led by Creandum Funds, backers of Spotify, iZettle and depop. MMC Ventures and Notion Capital participated in the round alongside existing investors Anthemis Exponential Ventures, RGAX and Israel’s most active venture investor OurCrowd.

This new round of funding follows a previous £3m seed-round led by LocalGlobe.

yulife is on a mission to breathe life back into life insurance by rewarding people for living well now, whilst protecting their loved ones in the future.

Group life cover (or death in service, as it’s often known) is one of the most commonly found employee benefits in large companies, with annual premiums of £2bn. However, it is also perceived as complex and poor value, which contributes to why 87% of SMEs don’t have any life insurance in place for their teams.

yulife addresses the needs of large companies and SMEs alike, offering an end to end digital journey to streamline the buying process, and engaging with each member directly via their wellbeing app.

The app encourages members to complete simple wellbeing activities, such as walking or meditation, by rewarding them with Avios air miles, vouchers and gift cards from partner brands including Amazon and ASOS. yulife believes that wellbeing and company life insurance are naturally connected, as healthier members mean lower risk, as well as a happier and more productive workforce.

yulife plans to use the funds to further develop their product and reach more businesses, providing company life insurance that brings wellbeing into the workplace.

yulife was founded in 2016 by serial entrepreneur Sammy Rubin, who said, “It’s been an incredible privilege to work with such a great team building yulife over the past three years and we’re confident that the further funding will allow us to fulfil our vision of making life insurance a force for good. We’re grateful to receive backing from investors with whom we are so deeply aligned, and believe this will help us promote our proposition to inspire lasting, healthy change in people’s lives.”

Creandum Advisor Partner, Carl Fritjofsson, said, “yulife stands out as the first of its kind, integrating gaming, psychology and wellbeing to break new ground in the life insurance industry, helping to better people’s lives, here and now. We are eager to support yulife’s growth and development, and work with the team to progress our shared mission.”

yulife media enquiries:

James Godfrey or Tom Ladds
Brazil (PR agency for yulife)
Tel: +44(0) 20 7785 7383
Email: [email protected]

About yulife:

yulife is a London based life insurance company built for modern business. Driven by a mission of helping every person to live their best life, the company rewards its members for living well now, as well as protecting their loved ones in the future. The yulife app encourages everyday healthy behaviour, creating teams that are happier, healthier and more productive. For more information on yulife please visit www.yulife.com

About Creandum

Creandum Advisor is a leading European venture capital advisory firm that believes any industry can be disrupted by the right entrepreneur. The Creandum Funds have over €660 million under management and are advised by the Creandum Advisory companies with offices in Stockholm, Berlin and San Francisco. Over the past 15 years the Creandum Funds have invested in more than 75 companies including Spotify, iZettle, depop, Klarna, and many others.

About Notion

Notion is a venture capital firm investing in the enterprise technology of the future and in founders and teams that have what it takes to solve the biggest problems facing the business world, transforming entire industries in the process. The Notion team founded, built and exited two highly successful SaaS businesses — Star and MessageLabs – and invests exclusively in enterprise tech and SaaS with the ambition to build global category leaders. The Notion portfolio includes Brightpearl, Currencycloud, GoCardless, Mews System, Paddle, Topia, Tradeshift, Unbabel, Tradeshift, Triptease and Workable.

About MMC Ventures

MMC Ventures is a research-led venture capital firm that has backed over 60 early-stage, high-growth technology companies since 2000. MMC’s dedicated research function provides the Firm with a deep and differentiated understanding of emerging technologies and sector dynamics, to identify attractive investment opportunities. MMC’s research team also supports early stage companies through the life of MMC’s investment. MMC’s dynamic consumer portfolio includes several of the UK’s favourite companies, including Bloom & Wild, Signal, Gousto, Appear Here, Masabi and Interactive Investor. Explore MMC’s cutting-edge research at mmcventures.com.

About Anthemis Exponential Ventures

Anthemis Exponential Ventures is a pioneering investment partnership powered by Anthemis Group and Exponential Ventures, the disruptive venture capital arm of MMI Holdings. Anthemis Exponential Ventures invests in and supports nascent businesses dedicated to financial wellness. With the aim of inspiring a culture of “profit with purpose” and creating a prosperous and inclusive global growth economy, Anthemis Exponential Ventures focuses its investments on fintech, insurtech and healthtech categories in Europe, the US and Asia.

About OurCrowd

OurCrowd is the leading global equity crowdfunding platform for accredited investors. Managed by a team of seasoned investment professionals and led by serial entrepreneur Jon Medved, OurCrowd vets and selects companies, invests its own capital, and invites its accredited membership of investors and institutional partners to invest alongside in these opportunities. OurCrowd provides support to its portfolio companies, assigns industry experts as mentors, and creates growth opportunities through its network of strategic multinational partnerships. The OurCrowd community consists of almost 30,000 registered investors from over 180 countries. Rated “the most active venture investor in Israel” by Pitchbook, OurCrowd has $1B in commitments and has made investments in 170 companies and funds. OurCrowd already has 33 exits to date. OurCrowd exits include: Jump Bikes sold to Uber, Briefcam sold to Canon, Argus sold to Continental, Crosswise sold to Oracle, and Replay sold to Intel. To join OurCrowd as an accredited investor, visit www.ourcrowd.com .

Manoj Ranaweera

Manoj has founded, failed and successfully exited from a number of technology product companies as well as support organisations since 2004. Among them, Northern Tech Awards and edocr.com were acquired by GP Bullhound and Accusoft, Inc respectively. Today, Manoj is building a trusted support network for technology companies. He is working with founding teams to help them accelerate including raising investment and M&A.