UK-based life insurer YuLife has secured an investment from funds and accounts advised by T. Rowe Price.

The latest investment is part of YuLife’s $120m Series C round, which was led by Japanese insurance giant Dai-ichi Life in July 2022.

Specifically, YuLife will use the investment to support its planned expansion in the US market.

Since its inception in 2016, YuLife has raised $206m in total funding.

Other than expanding into new markets, the firm aims to widen its product portfolio to offer more types of financial and insurance services tailored to customers’ requirements.

YuLife CEO and founder Sammy Rubin said: “We are thrilled to welcome the T. Rowe Price investors, who will support our continued development along with our existing investors.

“Since the very beginning, YuLife has sought to fundamentally change the nature of life insurance by providing life-enhancing experiences, and our investors have been instrumental in getting us to where we are today.”

YuLife, which operates on a risk prevention model, aims to transform the employee benefits market by incentivising healthy living.

T. Rowe Price investment analyst Zenon Voyiatzis said: “YuLife has distinguished itself from others through its ability to grow rapidly while still keeping up with dynamic market demands, coupled with a customer-centric mentality.

“It is clear to us that businesses and employees see both short- and long-term benefits from using YuLife’s products.”

Last July, YuLife raised $70m in a Series B round led by Target Global.

It is also backed by Creandum, LocalGlobe, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo.