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May 28, 2019updated 03 Jun 2019 2:40pm

Another £10 million in funding added to yulife

By Patrick Brusnahan

yulife, the life insurance start-up, has gained another £10m ($12.6m) in Series A funding.

The latest funding round for yulife was led by Creandum Funds. Previously, it had backed Spotify, iZettle, and depop.

MMC Ventures and Notion Capital also participated in the round alongside existing investors such as Anthemis Exponential Ventures, RBAX and OurCrowd.

yulife’s goal is to reward its customers for living well. Members complete simple wellbeing activities, such as walking or meditation, which gains rewards such as air miles, vouchers and gift cards from partner brands such as Amazon and ASOS.

yulife was founded in 2016 by serial entrepreneur Sammy Rubin, who 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.”

Creandum adviser partner, Carl Fritjofsson, said: “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.”

Previously, it raised £3m in a funding round led by UK-based venture capital firm LocalGlobe to launch its operations in the UK.

yulife is also part of a group of 31 insurtech start-ups that have joined forces to launch a representative group, which will be known as Insurtech UK.

Additionally, Insurtech UK will engage with regulators and also work with incumbents to address the issues being faced by the insurtech sector.

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