Life insurance can be tricky. Costs are typically based on your mortality risk which varies depending on a number of factors including your age, gender and lifestyle. This makes it harder to compare pricing with your neighbors and family members than home insurance, for instance. Palo Alto-based company Ladder is on a mission to demystify the process.
On Monday the insurtech company announced that it received a fresh investment to help move that mission forward as it continues to scale. The $100 million Series D was led by Thomvest Ventures and OMERS Growth Equity.
The massive financing round couldn’t have come at a better time. Ladder more than quadrupled its revenue over the last year and plans to issue $30 billion in coverage by the end of this year, according to the company. The latest raise very nearly solidifies Ladder’s status as a unicorn with a reported valuation of $900 million, according to Bloomberg.
Ladder offers flexible life insurance policies ranging from $100,000 to $8 million in every state across the U.S. Ladder’s platform is equipped with real-time underwriting capabilities in order to provide users with on-the-spot coverage.
By utilizing risk-based algorithms, Ladder aims to produce quotes, close deals and initiate coverage for its users faster than an average life insurance company.
“I know first hand how life insurance can change a life,” Jamie Hale, co-founder and CEO of Ladder, said in a statement. “With our carrier in operation 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.”
Ladder plans to invest the additional capital in the continued development of its platform as well as the expansion of its team. The insurtech company is now hiring for 14 open roles spanning its product, customer experience and engineering teams, to name a few.
“The life insurance industry to-date has been slow to modernize,” Don Butler, managing director of Thomvest Ventures, said in a statement. “We’re excited to invest in Ladder's vision to build the digital life insurance company of tomorrow.”
Ladder has raised $194 million in venture capital financing to date, according to Crunchbase.
