YuLife announces successful Series C funding – ahead of taking its mission global
New capital set to fundamentally change how people and businesses around the world derive value from financial products.
Yugi the Giraffe - 7 July 2022
At YuLife, we are on a mission to inspire people to live their best lives – and today, are one step closer to taking that mission into global markets having raised $120M (~£95M) in a Series C led by Dai-ichi Life Insurance Company, Limited, a new strategic investor in the company.
The funding round, which was supported by existing top tier investors – including Creandum, LocalGlobe, Target Global, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo – will allow us to enter new international markets, and scale our product range, delivering financial products that improve lives and reward wellbeing.
“Insurance has the potential to achieve tremendous social good,” says Sammy Rubin, CEO and Founder of YuLife. “Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual. We believe that wellbeing must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world.” During a time of increasing financial pressure, insurance plays a pivotal supporting role.
YuLife exists because of a belief that the $6 trillion insurance industry is not fit for the future due to low trust, low perceived value and low engagement. The global wellbeing crisis, exacerbated by the COVID-19 pandemic, has meant that there is a huge gap to fill in the market. YuLife now covers over 500k policyholders across small to large businesses, with over $50bn (£40bn) of cover in place.
“Insurance has the potential to achieve tremendous social good.”
YuLife has fundamentally changed the nature of life insurance, creating an innovative new ‘win-win’ model which benefits individuals, businesses and society. Over a third of YuLife customers engage with the company every single day, compared to once a year for the average insurer, and 87% report an improvement to their wellbeing as a result of having YuLife as their insurer.
“Companies that choose YuLife are making a statement that they care deeply about their employees”, continued Rubin. “Now more than ever it is important for companies to go above and beyond to build a culture of care in the workplace, as traditional benefits packages just do not do the job. Our proposition addresses a vital business need exacerbated by the Covid-19 pandemic and the ‘Great Resignation’.”
New strategic partner
Dai-ichi is the third-largest life insurer in Japan by revenue and is the Series C lead investor. Like YuLife, they are driven by a mission to improve and impact lives – with a business vision to ‘Protect and improve the wellbeing of all’.
“It’s important for us to have investors and strategic partners that align with our values, and will allow us to expand our business while maintaining this fundamental part of our DNA, and what makes us YuLife,” says Sammy.
“Companies that choose YuLife are making a statement that they care deeply about their employees.”
The investment is also recognition, from stalwarts in the world of life insurance, that YuLife has the potential to change a stagnant and passive insurance product into a force for good – not just in the UK, where we currently operate, but on a global scale.
“Dai-ichi Life is committed to supporting companies that have a proven track record of changing people’s lives for the better, and YuLife does exactly that, by bringing tangible value to financial products to bolster individuals’ wellbeing,” said Toshiaki Sumino, Director, Managing Executive Officer, Dai-ichi Life Holdings, Inc. “YuLife has immense potential to build on its achievements to date, and we are thrilled to invest and help propel YuLife towards its next steps and scale its global operations. YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference to the lives of those using financial products.”
The time is right
This investment comes at a time when financial products are providing a critical role in society, with the cost of living placing increasing pressure on households.
As experts predict the sharpest drop in living standards in decades, YuLife is steadfast in its mission, giving employers the means – both in the present with mental and financial health coaching, and as financial safeguards with insurance – to support employees in increasingly meaningful and measurable ways.
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Yugi is our YuLife mascot. Like all giraffes they've got a big heart – in fact the biggest heart of all land animals.