London and Lisbon, 31st of October 2023 – Eleos, a UK based insurtech, has secured a
$750,000 pre-seed funding round backed by Indico Capital Partners, APX, Fuel Ventures, and
Magic Fund, to make life and income protection insurance accessible for all.

Eleos works in partnership with several popular brands, mostly other fintechs, to embed income
protection insurance and life cover into their online journeys. By using the data these brands
already hold, Eleos is able to raise awareness, provide personalised quotes, and speed up the
application process.

The funding will enable Eleos to launch innovative insurance products and forge new
partnerships to bridge the massive protection gap that exists in the UK.

The startup has already partnered with leading fintech brands, including Loqbox and Updraft, to
increase the awareness, accessibility and adoption of essential insurance products.

Launched in 2023, and with teams in London and Lisbon, Eleos was founded by a team of
entrepreneurs who have successfully exited from Zaask, a leading services marketplace in
Iberia, and Anorak, the UK’s first digital life insurance broker.

Stephan Morais, Managing General Partner of Indico Capital Partners, stated:

“Happy to welcome Eleos to our Indico Founders Program powered by Google for Startups. The
digitalization of insurance is still in its early days, and Eleos is innovating in this massive field.”

Eleos CEO Kiruba Shankar Eswaran said,

“Our mission is to give everyone the financial stability that will steer them safely through times of unavoidable hardship by offering accessible, affordable and essential insurance policies. We’ve made huge progress towards this goal in just a few short months, and with our new investment partners, that progress will accelerate.”

Mark Pearson, Founder and Managing Partner of Fuel Ventures Ltd, who previously set up
MyVoucherCodes, a coupon and price comparisons platform that he exited for £55m, says,

“Eleos is building something hugely innovative and exciting, shaking up the insurance industry.
They’re a welcome addition to the Fuel Ventures portfolio, and we look forward to supporting
their continued success.”

Eleos’ partners range from leading fintech brands to self-employment marketplaces and
demonstrate the commitment of all parties to the creation of financial resilience. These
partnerships not only prioritise the financial well-being of customers but also bring considerable
enhancements to each brand’s offer by giving them access to significant revenue streams and
improving customer retention.

About Eleos
Eleos works with popular brands to white-label & embed income protection and life insurance into their online journey and uses the data they already hold to raise awareness, provide quotes, and expedite the application process. Eleos aims to put trust and transparency back into a vital resource that’s
hard to access and offers policies that are tailored to the needs of individuals and families. www.witheleos.com

About Indico Capital Partners
Indico Capital Partners is a leading independent Venture Capital fund manager based in Portugal, investing in Iberian related global and sustainable technology companies. Indico funds invest in deep tech, software as a service, marketplaces, artificial intelligence, internet of things, fintech, cybersecurity, web3 and ocean related companies. Indico´s range of investments goes, mostly, from Pre-Seed to Series B (100k and 10M euros) in Portuguese and Spanish related startups. Indico is often the first investor in a startup and, given the teams´ backgrounds, works very closely with portfolio companies. Since 2019, Indico has invested 52 million euros in 40 companies, which have raised more than 1.8 billion euros from global investors. www.indicocapital.com