American Life insurance startup JennyLife has secured $3.5m in Series A funding for a total raise of $5 million.
The company raised the fund from CMFG Ventures and undisclosed insurance industry leaders to accelerate its growth.
Go deeper with GlobalData
Jenny Life, which was founded in 2017 by ChiragPancholi and Lief Larson, offers no-health-exam-required life insurance to women.
JennyLife board member and CMFG Ventures president Brian Kaas said: “JennyLife has made tremendous progress since its launch and is poised to become the most trusted source for helping families maintain financial stability should they endure life’s darkest moments.
“We are impressed with JennyLife’s talented team of industry veterans and their category-leading technology that makes them well positioned to take advantage of the considerable market opportunity in the insuretech space.”
The company noted that the women typically have less access to tools that promote financial stability. According to LIMRA’s Life Insurance Ownership in Focus, US Personal Trends: 2016, only one in three women own individual life insurance policies.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataJennyLifeco-founder and CEO ChiragPancholi said: “JennyLife is transforming the way people think about life insurance. In the face of these tough economic times, this additional financing allows us to continue to grow JennyLife and advance our product and business around the nation.”
