PALO ALTO – Ladder, which offers flexible life insurance in minutes, has $ 100 million Series D round. The company claims to have more than quadrupled its revenues last year and plans to issue $ 30 billion in LadderLife coverage by the end of the year.
The $ 100 million fundraising round was led by Thomvest companies and OMERS Growth Shares. It will be used to help develop the Ladder team, which plans to more than double next year. Ladder offers up to $ 8 million in life insurance coverage in all 50 states.
Ladder also announces that he has become the first fully digital life insurance company in operation, after having issued its first policies through Ladder Life Insurance Company. Since 2017, Ladder has rebuilt every step of the life insurance stack, enabling key innovations in acquisition, product design, user experience, underwriting, instant issuance and policy administration. . The addition of its fully operational operator makes Ladder the first 100% vertically integrated life insurance policy, built on a proprietary technology platform and powered by ever more complex machine learning models.
“I know firsthand how life insurance can change a life,” said Jamie Hale, CEO and co-founder of Ladder. “With our transporter in operation and this new round of financing, we are able to considerably accelerate innovation in the service of families and communities. I am so excited to see our original vision continue to materialize. “
“The world is becoming more and more digital, not less, and the life insurance industry has so far been slow to modernize,” said Don butler, Managing Director, Thomvest Ventures. “We are excited to invest in Ladder’s vision to build the digital life insurance company of tomorrow, and their announcement today that it is the first in business shows that it is surpassing the industry. “
“Jamie Hale and its visionary management team make Ladder an innovative and market-leading digital life insurance company, ”said Saar Pikar, Managing Director and Financial Technology Leader, OMERS Growth Equity. “We are very pleased to count Ladder as OMERS Growth Equity’s first direct fintech investment – as well as our entry into the insurtech space, expanding the insurtech presence established by our colleagues at OMERS Ventures. We believe the company offers a truly transformative approach, including through its effective risk assessment and improved user experience, ”he added.