PriyaPatel
TLDR:
- Eleos has raised €3.75 million in Seed funding for digital life insurance solutions.
- Founded in 2022, Eleos is the UK’s only provider of fully digital life insurance and income protection products.
Today, insurtech company Eleos announced that it has secured €3.75 million in Seed funding led by Fuel Ventures and Indico Capital. Eleos is the UK’s sole provider of fully digital life insurance and income protection products, aiming to surpass the £1 million revenue mark by the end of 2024. The company partners with well-known brands to white-label and embed income protection and life insurance into their online journeys, using existing data to streamline the application process and provide quotes.
Eleos addresses two key issues in the insurance sector: the lack of communication around financial protections and the absence of fully digital solutions. The company utilizes a proprietary full stack B2B2C solution with APIs and white-labelled journeys to simplify financial integration for partners at no extra cost, allowing them to access new revenue streams and enhanced customer retention while benefiting from full regulatory coverage under Eleos’s FCA authorization.
Eleos has notable partners such as Loqbox, CreditLadder, CreditSpring, and Updraft, offering additional services like a 24/7 remote General Practitioner service, mental health support, and a cashback program for everyday purchases. With the new funding, Eleos plans to expand its offerings in the life and disability verticals, establish more distribution partnerships in the UK, and launch operations in the US.
Mark Pearson, founder of Fuel Ventures, emphasized the importance of Eleos’s user-friendly approach to insurance, while Stephan Morais, Managing General Partner of Indico Capital Partners, expressed support for Eleos’s focus on underserved areas in the insurtech market. Overall, Eleos’s innovative solutions and growth prospects have garnered strong backing from investors and industry players alike.
