Life insurer secures £10m funding to boost wellbeing proposition

London-based life insurance specialist yulife has raised £10m in a Series A funding round led by the venture capital firm that backed Spotify, iZettle and depop.

Creandum Funds led the funding round, which saw participation from MMC Ventures and Notion Capital alongside existing investors Anthemis Exponential Ventures, RGAX and Israel venture investor OurCrowd.

Founded in 2016, yulife provides a holistic employee benefits and rewards package, including life insurance, for SMEs as well as larger firms.

The yulife wellbeing app enables employees to carry out activities such as such as walking or meditation, being rewarded with air miles, vouchers and gift cards from partner brands including online retailers Amazon and ASOS.

Founder of yulife, Sammy Rubin, explained: “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.”

Creandum advisor partner, Carl Fritjofsson, commented: “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.”

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