Insurance platform Ladder has closed a $30m Series B funding round led by RRE Ventures.
Other participants to the round included 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 holderâ€™s health changes.
The company launched in California at the start of 2017, and is nearly present in all US states.
The new capital injection will be used by the company to develop its products capabilities and to expand its nationwide marketing efforts. Recently, the company announced it would launch a new digital life insurance offering available to its partners via the API.
Ladder CEO and co-founder Jamie Hale said, “One year ago today, we set out to reinvent life insurance, and I could not be more proud of what our team has accomplished. That said, we’re just getting started. We will continue to lead innovation in life insurance so more people can get the coverage they want and need.”
This batch of funding brings the companyâ€™s total funding efforts up to $44m, with Ladder receiving a $14m Series A round in 2016. Canaan Partners led the previous funding round, while Lightspeed Venture Partners, NYCA and 8VC also contributed to the round.
The InsurTech sector has seen a strong start to 2018, with this being the sixth investment in the space, this week. Other companies closing recent transactions include Fineprintâ€™s $2.7m round, Corsair Capital acquiring RGI and honcho securing Â£735,740 in crowdfunding.
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