Ladder Raises $100M in Series D Financing, Becomes First Digital Life Insurance Company
Insurtech leader outpaces competitors by becoming first full-stack, digital life insurance company in operation.
PALO ALTO, Calif., Oct. 4, 2021 /PRNewswire/ -- Ladder, which offers flexible life insurance in minutes, is announcing a $100M Series D round to continue building the digital life insurance company of tomorrow. Today's financing follows strong growth from the technology company, which more than quadrupled revenue last year and plans to issue $30B in LadderLife™ coverage by year end.
Ladder is also announcing that it has become the first fully digital life insurance company in operation, after issuing its first policies through Ladder Life Insurance Company. Since 2017, Ladder has rebuilt every step of the life insurance stack, enabling key innovations across acquisition, product design, user experience, underwriting, instant issue, and policy administration. The addition of its fully operational carrier makes Ladder the first 100% vertically integrated life insurtech, built on a proprietary technology platform and powered by ever-compounding machine learning models.
The $100M financing round was led by Thomvest Ventures and OMERS Growth Equity. It will be used to fuel Ladder's innovative approach to making life insurance as accessible, affordable, and beloved as it should be — as well as growing the Ladder team, which has plans to more than double next year.
"I know first hand how life insurance can change a life," said Jamie Hale, CEO and Co-Founder at Ladder. "With our carrier in operation and this new round of funding, we are in the position to greatly accelerate innovation in service of families and communities. I am so excited to see our original vision continue to materialize."
"The world is only becoming more digital, not less, and the life insurance industry to-date has been slow to modernize," said Don Butler, Managing Director, Thomvest Ventures. "We are excited to invest in Ladder's vision to build the digital life insurance company of tomorrow, and their announcement today that they are the first in operation shows that they are outpacing the industry."
"Jamie Hale and his visionary management team are building Ladder into an innovative, market-leading digital life insurance company," said Saar Pikar, Managing Director and fintech lead, OMERS Growth Equity. "We are very pleased to count Ladder as OMERS Growth Equity's first direct fintech investment – as well as our entry in the insurtech space, expanding on the insurtech presence established by our OMERS Ventures colleagues. We believe that the company offers a truly transformative approach, including through its efficient adjudication of risk and enhanced user experience," he added.
About Ladder
Ladder is the digital life insurance company of tomorrow. Offering flexible term coverage in minutes that can save policyholders up to 40%, Ladder uses an all-digital architecture and real-time underwriting to make life insurance as accessible, affordable, and beloved as it should be. The company is headquartered in Palo Alto, CA and offers coverage up to $8M in all 50 states. To learn more, visit ladderlife.com.
About Thomvest Ventures
Thomvest Ventures is a cross-stage venture capital fund backed by Peter Thomson. The firm is focused on financial technology & proptech, cybersecurity & cloud infrastructure, and sales & marketing technology. Thomvest Ventures has been investing in entrepreneurs for more than 25 years through its offices in Silicon Valley and Toronto. The firm is committed to helping our companies become leaders in their fields through our partnership and our focus on understanding where value can be created in these industries. To learn more, visit Thomvest.com.
About OMERS Growth Equity
OMERS Growth Equity invests in high-growth companies backed by exceptional teams. OMERS Growth Equity is a long-term investor, focused on supporting companies to pursue all types of growth opportunities. These growth opportunities could include scaling operations, making acquisitions, expanding product lines, or entering new markets. To learn more, visit: https://www.omersprivateequity.com/GrowthEquity, or follow us on Twitter or LinkedIn.
Financial Technology Partners ("FT Partners") served as exclusive advisor to Ladder and its Board of Directors.
Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers – for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.
Savings in premium compared with the same customer maintaining their full coverage amount for the policy term. Savings attained by decreasing coverage every three years over the policy's full term on a $1.4M, 20 year policy. Prices valid as of June 15, 2021.
Media Contact
Liana Corwin, Director of Communications
[email protected]
SOURCE Ladder
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article