Ethical life insurance platform Ethos has raised $60m in its Series C round led by GV (formerly Google Ventures).
Goldman Sachs also joined the round, making its first investment into Ethos, and joined existing backers Sequoia Capital and Accel.
With the new funds, the InsurTech will support product development, hire more technical staff, and increase its customer base.
Ethos was created to provide everyone with access to ethically designed, easy-to-understand term life insurance policies tailored to fit people lives, it claims. Through predictive analytics and data technologies, it removes barriers of access to insurance.
Its technology removes the need of medical exams for most applicants and has no commissioned agents, instead consumers answer questions during an application process.
The investment comes after a period of strong growth for Ethos which has seen the company quadruple its revenue since 2018 and made numerous leadership hires.
Last year, Ethos closed its Series B round on $35m from backers including GV, Accel, Sequoia Capital, and Arrive. Including the close of the new funding round, Ethos has raised a total of $100m in equity.
Ethos CEO and co-founder Peter Colis said, ?Getting life insurance is one of the most selfless financial choices someone can make. You shouldnt have to endure what essentially a medical and financial strip search in order to protect your family.
“What makes Ethos different from other providers is our core values are aligned with the expectations of American families: life insurance should be easy and ethical. We aren’t motivated by capitalizing on individuals. Instead, we make choices like right-sizing policies for customers, so they have the best coverage for their families without ever paying more than they should.p>
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