Insurtech firm Assured Allies has garnered $42.5m in a Series B financing round to support its reinvention of the retirement savings and insurance sector.

The fundraise was jointly led by FinTLV Ventures and existing backer Harel Insurance.

Other new and current investors too participated in the round including Lumir Ventures, Funds managed by Hamilton Lane, New Era Capital Partners, MS&AD Ventures, Core Innovation Capital.

Additionally, Poalim Equity, EquiTrust Life Insurance Company, Akilia Partners, and Samsung Next took part in the investment round.

FinTLV Ventures founder and managing partner Gil Arazi said: “With the growing demand for long-term care solutions, we believe in the potential of Assured Allies’ evidence-based long-term care and wellness programmes and their ability to revolutionise the aging experience.

“Our investment reflects our confidence in the talented team, their innovative approach, and the future of the long-term care industry in the US market.”

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The firm struck alliances with multiple long-term care insurance carriers last year and claims to have recorded more than 300% surge in membership numbers on its platform.

It plans to use the fresh funds to support the further expansion of its carrier and partner network.

With this latest infusion, Assured Allies’ capital raised so far comes to $65m.

Assured Allies co-founder and CEO Roee Nahir said: “The need for innovative long-term care solutions for the aging population has never been greater. With the US longevity economy valued at over $8tn, this is a blue ocean opportunity that is finally being accessed through technology.

“This coming year we expect continued growth, as we focus on making AgeAssured available to more policyholders and expanding the carrier and partner network for NeverStop.”