Ladder, a provider of flexible life insurance, has closed its Series D round on $100m as it steps closer to its goal of issuing $30bn in coverage by the end of the year.
The investment round was led by Thomvest Ventures and OMERS Growth Equity.
With the capital, the InsurTech company will continue deepening its technology to make life insurance more affordable and accessible. Its growth plans will also include doubling the size of its team.
The Series D round comes after a strong year of growth for Ladder, which has seen it quadruple revenue from last year.
Alongside the close of the round, Ladder claims it is now the first fully digital life insurance company in operation, after it issued its first policies through Ladder Life Insurance Company. With the addition of a fully operational carrier, it means Ladder is the first 100% vertically integrated life InsurTech.
Ladder CEO and co-founder Jamie Hale said, “I know first-hand how life insurance can change a life. With our carrier in operation and this new round of funding, we are in the position to greatly accelerate innovation in service of families and communities. I am so excited to see our original vision continue to materialize.”
The US-baesd InsurTech company leverages all-digital architecture and real-time underwriting to improve life insurance. People aged between 20 and 60 can get cover ranging from $100,000 to $8m, with fees starting from $5 a month.
Thomvest Ventures managing director Don Butler said, “The world is only becoming more digital, not less, and the life insurance industry to-date has been slow to modernise.
“We are excited to invest in Ladder’s vision to build the digital life insurance company of tomorrow, and their announcement today that they are the first in operation shows that they are outpacing the industry.”
Last year, Ladder signed a deal with PartnerRe. The agreement sees Ladder deploy its technology to help the insurer improve pricing and customer experience of its products.
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