The Spanish startup, Life5, has raised 10 million euros in its third round of financing, the largest and ever carried out by an insurtech in Spain and which is confirmed in the midst of a climate of uncertainty and crisis in the technological ecosystem in Spain. This round, in which the funds of the venture capital firm have participated Singular, Mundi Ventures and Global Brain (Sony Financial Ventures), aims to continue boosting its growth. The company, which has revolutionized the life insurance sector, had already raised one million euros in a pre-seed round and a further 5.5 million in a second round carried out in 2021.
Thanks to its disruptive model in the fully digital life insurance market, the company founded in 2021 by Guillermo Alén and Yago Montenegrohas continued to grow dynamically with the aim of revolutionizing the traditional insurance sector, offering simple products, adapted to the needs of customers with fast, flexible processes, without permanence and whose policy is paid monthly.
A differential business compared to that of classic insurers, which has allowed it to multiply its turnover by 10 in the last year and, in turn, prepare for its expansion to other European markets. They are currently present in Spain and France.
“We are very happy with the result of this third round of financing, which demonstrates the confidence that investors have in our vision and in the value that we offer. This financial backing It will allow us to drive our growth strategy and strengthen our position in the life insurance market while continuing to provide cutting-edge solutions to our clients.”, says Guillermo Alén, CEO of Life5.
The purpose of the financing
The funds raised from this round of financing will allow Life5 to continue promoting its business model, reinforce its team, encourage its international expansionconsolidate itself as the number 1 life insurance company in Spain and, ultimately, continue to offer innovative solutions to its customers.
“The transformation that insurance is undergoing is immense, more and more businesses are emerging in this field and in life insurance, Life5 is the great benchmark in Spain and Europe, with an unbeatable product and dynamic technology, which makes them great pioneers. In this sector”explains Raffi Kamber, General Partner, Founder of Singular
“At Life5 we want people to have fair and modern life insurance, without fine print. Our goal is to eliminate the idea that taking out life insurance is something complicated, that’s why we offer the possibility that users purchase life insurance easily and quickly. That is why, thanks to this new round of financing, we will continue to grow and will allow us to revolutionize the life insurance sector by offering different solutions”. says Guillermo Alén, CEO of Life5.
«Life5 is a perfect fit with our fund’s investment mission, backing bold and purpose-driven founders. We have been able to build a unique value proposition for the insurance industry by focusing on innovative insurtechs that offer purpose. We are excited to partner with the exceptional team at Life5, helping them expand internationally as they are pioneers in making life insurance fair, accessible and for everyone.”adds Lluis Viñas, Director of Investments at Mundi Ventures.
