U.Ok.-based insurtech Eleos has secured $4 million in seed funding.
The spherical was led by Gas Ventures and Indico Capital. Early-stage investor APX additionally participated.
Eleos made its Finovate debut earlier this 12 months at FinovateEurope in London.
Eleos, an insurtech and revenue safety supplier primarily based within the U.Ok., has raised $4 million in seed funding. Gas Ventures and Indico Capital led the spherical, with Berlin-based early-stage investor APX additionally taking part. Eleos made its Finovate debut earlier this 12 months at FinovateEurope in London.
“With our new funding we are going to launch extra strains of insurance coverage within the life and incapacity verticals and strike extra distribution partnerships within the U.Ok.” Eleos CEO and Co-Founder Kiruba Eswaran mentioned. “A part of the funding can also be earmarked to launch operations within the U.S.”
Eleos embeds white-labelled life insurance coverage and revenue safety into the web journeys of monetary manufacturers. These companies and merchandise give Eleos’s companions the power to learn from new income streams in addition to extra thorough buyer engagement and better buyer retention. Eleos’s FCA authorization additionally offers its companions – corporations like Loqbox, CreditSpring, and Updraft – with full regulatory protection. Eleos prospects additionally get a wide range of free advantages, together with 24/7 distant GP companies and psychological well being help.
Gas Ventures founder Mark Pearson credited Eleos for its expertise, understanding of the business, and entry to a considerable market. “With Eleos we’ve discovered all three and we imagine their merchandise encapsulate our interested by the insurance coverage area – giving individuals easy accessibility on acquainted platforms.”
Based in 2023, Eleos has already served greater than 20,000 prospects within the U.Ok. The corporate presents personalised and dynamic quotes for its insurance coverage product, and permits potential prospects to decide on an reasonably priced month-to-month cost plan and purchase their insurance coverage coverage in minutes. Moreover, Eleos’s revenue safety answer helps people cowl their important bills within the occasion of an sickness or damage that requires long-term sick go away. At the moment providing embedded insurance coverage for manufacturers, Eleos is planning to supply insurance coverage insurance policies on to people sooner or later.
“The insurtech market has loads of room to develop and Eleos is concentrating on areas which aren’t solely sizable however ignored by different present gamers globally,” Indico Capital Companions Managing Common Companion Stephan Morais mentioned.
Photograph by Mikhail Nilov
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