Ethical insurtech Ethos bags $35m
Ethos, the ethical insurance company has raised a Series B financing of $35 million led by Accel, a leading early and growth-stage venture capital firm.
Additional participating investors include Google Ventures, previous investors Sequoia Capital and Arrive, a subsidiary of Roc Nation, and a debt facility from Silicon Valley Bank.
Accel partner Nate Niparko will join the Ethos board of directors and Google Ventures general partner Tyson Clark will become an advisor to the company’s board.
Ethos says it has seen revenue, customers and applications growing by more than 400% in just the past four months.
“The life insurance industry has had a product and reputation problem for a long time,” says Nate Niparko, partner at Accel. “Ethos takes a technology-first approach to eliminate friction from the applications and claims process for its customers and has built a brand that people love and trust.”
The new round of financing brings Ethos’ total funding to more than $46 million, and will help the company serve growing demand.
Through Ethos, most people can apply and qualify for a policy after a ten-minute application – versus the ten weeks it takes through a more traditional process. There is always a non-commissioned licensed agent available to give unbiased guidance.
“By applying data science and predictive analytics to determine an individual’s life expectancy, more than 99% of Ethos customers have required no medical exam or blood test to get a policy”, says the firm.
