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October 1, 2019

British insurtech start-up DeadHappy secures €4.5m funding

DeadHappy, a UK-based insurtech start-up committed to change people’s perception about death, has raised €4.5m in a Series A funding round.

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The round was led by e.ventures with participation from seed investor Octopus Ventures.

DeadHappy, which operates as a fully digital pay-as-you-go life insurance provider, plans to invest the capital to strengthen its ‘Deathwish’ platform by building additional technical capabilities.

Additionally, the company will spend the proceeds on developing new products as well as forging partnerships with financial service distributors.

‘Deathwishes’ enables users to fill out a form with answers such as what has to be done after death, how much one wants to spend on funeral expenses. It also requires filling the nominee details who will receive the fund after the death of the client.

DeadHappy co-founder Phil Zeidler said: “We’re delighted e.ventures have joined Octopus Ventures in backing our vision.

“There’s real momentum behind genuinely disruptive insurance propositions, but we see the opportunity for a much broader platform creating different death services, as well as disrupting the world of insurance.

“Distribution is key for us, we began life as a direct-to-consumer proposition but there’s a big opportunity for us to distribute our products through other brands.

“This funding will help us to expand our technology and create additional products including digital wills, accidental death and critical illness cover. We’re also able to grow our team and relocate to bigger business premises.”

According to the company, over 63,000 deathwishes have been registered on the platform since launch.

Free Report
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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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