Life insurance app yulife has secured £10 million in Series A funding led by Creandum Funds, backers of Spotify, iZettle and depop. MMC Ventures and Notion Capital participated in the round alongside existing investors Anthemis Exponential Ventures, RGAX and Israel’s most active venture investor OurCrowd.
yulife is on a mission to reinvent life insurance through its app which rewards people for living well.
The app encourages members to complete simple wellbeing activities, such as walking or meditation, by rewarding them with Avios air miles, vouchers and gift cards from partner brands including Amazon and ASOS.
Founder Sammy Rubin said:
“It’s been an incredible privilege to work with such a great team building yulife over the past three years and we’re confident that the further funding will allow us to fulfil our vision of making life insurance a force for good.
“We’re grateful to receive backing from investors with whom we are so deeply aligned, and believe this will help us promote our proposition to inspire lasting, healthy change in people’s lives.”
Carl Fritjofsson, Creandum advisor partner, added:
“yulife stands out as the first of its kind, integrating gaming, psychology and wellbeing to break new ground in the life insurance industry, helping to better people’s lives, here and now. We are eager to support yulife’s growth and development, and work with the team to progress our shared mission.”
The London-based company plans to use the funds to develop its product and reach more businesses with its unique approach to group life cover. The latest round follows yulife’s £3 million raise led by LocalGlobe last year.