Assured Allies has raised $42.5 million in Series B funding, according to a statement by the Insurtech.
The funding round was co-led by FinTLV Ventures and existing investor Harel Insurance. Additional investors included Lumir Ventures, Funds managed by Hamilton Lane (NASDAQ: HLNE), New Era Capital Partners, MS&AD Ventures, Core Innovation Capital, Poalim Equity, EquiTrust Life Insurance Company, Akilia Partners, and Samsung Next.
In total, Assured Allies has now raised $65 million in growth capital.
The valuation of the firm was not disclosed. Assured Allies is headquartered in Boston and has an office in Tel Aviv.
Founded in 2018, Assured Allies is a company that holds a mission of “Successful Aging” described as the ability to thrive as long as possible without long-term care and to pay for it if needed-accessible to all.
Assured Allies currently offers two products, AgeAssured and NeverStop; both are designed to reduce the risk of premature age-related decline and keep people active and living at home longer.
The company notes that Americans are living longer than ever. At the same time, advanced age is not being joined by better health or quality of live. Assured Allies states that as a result over 45 million Americans over the age of 55 are expected to need long-term care, creating a signficiant financial burden on families, and on insurance carriers.
Assured Allies aims to offer aging programs proven to reduce the risk of disability and next-generation retirement products that make long-term care insurance accessible and financially sustainable.
AgeAssured is said to be the first science-based platform to reduce disability and support aging at home on a large scale. It is offered in partnership with long term care insurers, seeking to improve lifestyles while reducing cost. The company claims that to date, the program has demonstrated a significant and sustained impact on reducing the cost of long-term insurance claims by up to roughly 20%.
NeverStop is a platform that integrates digital underwriting, personalized risk reduction strategies, and financial support, so that individuals aged 55+ can lower their risk of disability and live longer and better in their homes.
Roee Nahir, co-founder and CEO of Assured, said the funding round was a testament to what they have accomplished adding that the need has never been greater:
“With the US longevity economy valued at over $8 trillion, this is a blue ocean opportunity that is finally being accessed through technology. We experienced rapid growth this past year despite the macro economic climate, and we are only just scratching the surface. This coming year we expect continued growth, as we focus on making AgeAssured available to more policyholders and expanding the carrier and partner network for NeverStop. We look forward to bringing more innovative products to the long-term care insurance market and the 90 million Americans over the age of 55.”