Digital life insurance platform Ladder has raised a $10m strategic investment as an extension to its $30m Series B, which closed at the beginning of the year.
The latest batch of equity was supplied by Allianz Life Ventures and Northwestern Mutual Future Ventures. The firms join the initial backers of the round Thomvest Ventures, Canaan Partners, Lightspeed Venture Partners and Nyca Partners.
Founded in 2015, Ladder is a digital insurance platform which enables consumers to get quick access to insurance products. The platform offers policies and quotes within minutes and prices are locked in, no matter how much a holder’s health changes.
The company launched in California at the start of 2017, and is nearly present in all US states. Ladder has placed more than $1bn in coverage since its launch, according to the company.
Allianz Life VP of strategy and business development Emily Reitan said, “Life insurance is a critical component of any solid financial plan, and both Allianz Life and Ladder share the common goal of ensuring Americans have the proper protection in place to help meet their financial goals.”
The capital injection will be used to support the hiring staff to its engineers, marketers and product-focused teams. Funds will also be used for developing product capabilities and expanding nationwide marketing.
The new batch of capital brings Ladder’s total funding efforts to $54m. Its Series A round bagged $14m in 2016, with Canaan Partners leading the investment. Other backers to the series included Lightspeed Venture Partners, NYCA, and 8VC.
Earlier in the year, Allianz led the $24m investment into Berlin-headquartered InsurTech platform simplesurance. The company offers an online insurance portal to help consumers buy tailored policies.
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