Life insurance company YuLife has raised $70m in Series B round of funding, which was led by Target Global.

New investors Eurazeo and Latitude participated in the round along with existing investors Creandum, Notion Capital, Anthemis, MMC Ventures, and OurCrowd.

The UK-based insurtech will use the proceeds to develop new products, increase the UK market penetration and strengthen its presence in the global market.

Apart from offering traditional group life insurance, YuLife’s life insurance solution also provides critical illness, income protection, virtual GP services and employment assistance such as counselling and coaching.

YuLife said that it has witnessed a growth of 10 times in gross written premiums in the past year and has provided a cover of over $15bn to employees and their families of firms such as Capital One, Co-op, Curve, Havas Media, Severn Trent, and Sodexo.

YuLife CEO and founder Sammy Rubin said: “It is now time to reimagine the very nature of life insurance by putting ‘life’ first, and inspiring members to live their best lives every single day, using insurance as a tool to enhance their physical, mental and financial wellbeing.”

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Founded in 2016, YuLife incentivises healthy living through its app. Its customers earn discounts and vouchers by completing activities such as walking, cycling and meditation.

Target Global partner Ben Kaminski said: “With health and wellbeing increasingly thrust into the limelight in the wake of Covid-19, YuLife is fundamentally changing insurance by incentivizing people to lead healthier lifestyles.

“YuLife is ideally positioned to build on its tenfold growth during the pandemic and lead the way in helping its clients respond to the challenges posed by an ever-changing working environment.”