Assured Allies, an InsurTech company for “evidence-based ageing”, has raised $42.5m in Series B funding to reinvent the retirement and insurance industry.
The round was co-led by FinTLV Ventures and existing investor Harel Insurance, and was joined by new and existing investors including Lumir Ventures, Funds managed by Hamilton Lane, New Era Capital Partners, MS&AD Ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Company, Akilia Partners, and Samsung Next.
The round sees Assured Allies bring its total capital raised to $65m.
Founded in 2018, Assured Allies is on a mission to make what it calls “successful aging” – the ability to thrive as long as possible without long-term care – accessible to all.
The company’s two products AgeAssured and NeverStop, both aim to reduce the risk of premature age-related decline and keep people active and living at home longer.
According to Assured Allies, although Americans are now living longer, for most the increase in longevity is not coupled with a better quality of life.
As a result, more than 45 million Americans over the age of 55 are projected to need long-term care, creating a huge financial and social burden on families, and on insurance carriers. Assured Allies’ innovative platform combines machine learning and predictive analytics with the latest science-of-aging and essential human support, to offer successful aging programmes proven to reduce the risk of disability, and next-generation retirement products that make long-term care insurance accessible and financially sustainable.
Assured Allies said the global makeup of investors in this round underscores the universal need for innovation in the long-term care insurance market.
Roee Nahir, co-founder and CEO. “The need for innovative long-term care solutions for the aging population has never been greater. With the US longevity economy valued at over $8 trillion, this is a blue ocean opportunity that is finally being accessed through technology. We experienced rapid growth this past year despite the macro economic climate, and we are only just scratching the surface.”
Earlier this year, Angle Health, a Y Combinator-backed health insurance carrier, raised $4m in seed funding to launch its tech-enabled health insurance plans for startups.
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