YuLife has raised further funding from T. Rowe Price which will support the company’s expansion into the US benefits market.
YuLife has stated that in July this year it raised $120m Series C funding, which was led by Dai-ichi life. This brings the company’s total funding to $260m since it was founded in 2016.
YuLife says that following this latest investment it plans to expand into new market and broaden its offering to encompass more types of financial and insurance products, tailored to individuals’ needs.
YuLife has grown its footprint in the UK group life and group risk market by offering a innovative digital proposition that encourages members to log-on to the app regularly by offering rewards to those who take steps to improve both their physical and mental health.
YuLife CEO and founder Sammy Rubin says: “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.”
T. Rowe Price investment analysts Zenon Voyiatzis says: “It is clear to us that businesses and employees see both short- and long-term benefits from using YuLife’s products.
“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.”
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