Insurtech company Ethos announced on Tuesday it secured $200 million through its Series D funding round, which was led by General Catalyst, with participation from Sequoia Capital, Accel, GV (formerly Google Ventures), Jay-Z’s Roc Nation, and Glade Brook Capital Partners. Ethos reported that the investment round brings its total funding to $300 million and its valuation has exceeded $2 billion.
As previously reported, Ethos describes itself as a “new kind” of life insurance that is built for people who do not have time for fine print, extra doctor appointments, or hidden fees. The company is licensed in 49 states and has already processed thousands of applicants for life insurance coverage.
“Ethos uses the power of technology and predictive analytics to modernize the life insurance process and align products with what families want and need during critical times in their lives. An application is fast and easy, turning a process that used to take weeks into a ten-minute experience for most customers.”
Ethos further reported that its growth is accelerating since its previous investment round in 2019. In addition to its revenue and user growth, Ethos is now nearing $100 million in annualized gross profit and increasing EBITDA in the next year. The company also claims it has surpassed its competitors in both annualized revenue and gross profit and is the market leader in the InsurTech life insurance space. Peter Colis, Ethos CEO and Co-Founder, spoke about the investment round by adding:
“We are on a mission to protect the next million families and will use this money to continue improving the best insurance customer experience ever created. This funding will help us enrich our technology and data platform, and help us launch new products to enable everyone an opportunity to protect their families.”