Life insurance platform Ethos has emerged from stealth with backing from investors including Stanford University as it looks to drive business growth and product development.
US-based life insurance platform operator Ethos emerged from stealth yesterday with $11.5m in funding from investors including Stanford University.
VC firm Sequoia Capital led the round, investing together with media firm Roc Nation’s corporate venturing subsidiary Arrive and family offices Downey Ventures, Durant Company and Smith Family Circle.
Venture debt provider Silicon Valley Bank has supplied a credit facility of undisclosed size.
Ethos has built a digital life insurance platform which relies on data analytics and process automation to quickly find a suitable and affordable policy.
The company, whose products are underwritten by mutual insurance firm Assurity Life, aims to vet customers through a 10-minute application, claiming 99% of its users so far have been spared medical exams and blood tests.
Ethos was co-founded by Peter Colis and Lingke Wang, two MBA recipients from Stanford’s Graduate School of Business who previously collaborated on launching life insurance marketplace Ovid Life.
The capital has been allocated to drive business growth and boost product development. Roelof Botha, partner at Sequoia Capital, has joined the board of directors.
