American insurtech start-up Ethos has raised $60m in a Series C funding round led by Google’s venture capital arm GV and new participation from Goldman Sachs.
The funding round was also jointed by the company’s existing investors such as Sequoia Capital and Accel. With the completion of the latest funding, Ethos has raised a total of $100m so far.
After emerging from stealth in last June and announcing an $11.5m funding, Ethos again raised $35m in a Series B funding in October 2018.
Ethos plans to invest the proceeds to expand operations in new markets, develop new products and recruits technical team.
GV general partner Tyson Clark said: “Since our original investment in Ethos last year, we’ve been consistently impressed by the company’s commitment to growth, customer traction, and execution to date.
“With the company’s product differentiation and singular approach to modern life insurance, Ethos is well-positioned to disrupt a $100+ billion industry.”
Ethos CEO and co-founder Peter Colis said: “What makes Ethos different from other providers is our core values are aligned with the expectations of American families: life insurance should be easy and ethical. We aren’t motivated by capitalising on individuals.
“Instead, we make choices like right-sizing policies for customers, so they have the best coverage for their families without ever paying more than they should.”
Established in September 2016, the life insurance start-up has grown its revenue, customers and applications by numerous times.
Ethos, in association with Assurity Life Insurance Co of Lincoln and Munich Re, is licensed to offer life insurance services across 49 states in the US.