Life insurance app JennyLife has secured $3.5m in its Series A round, bringing the InsurTech’s total capital raised to $5m.
The round was led by CMFG Ventures, the venture capital division of CUNA Mutual Group. Other contributions came from unnamed players from the insurance industry.
With the close of the round, the InsurTech is looking to enhance its product and business and reach more families across the US.
The company was co-founded by Chirag Pancholi and Lief Larson which wanted to remove tedious processes when getting life insurance such as health exams, blood tests, urine samples, lengthy phone calls and paperwork. They built JennyLife improve how women enrolled in life insurance, with only one in three women owning individual life insurance, it claims.
The mobile app leverages technology to let a consumer apply for life insurance policies without the need of completing health exams or other health tests. To begin, a user uploads a photo of their driver’s license and then receive instant coverage from an A-rated’ insurance carrier, with plans starting from $7 a month.
JennyLife co-founder and CEO Chirag Pancholi said, “In this business climate, people are hungrier than ever for information about their financial security. We’re improving the breadth, depth, and quality of our offerings to support the growing interest we’re seeing from families.”
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