Eleos raises €3.75M in Seed funding for digital life insurance solutions – Tech.eu

Today insurtech company Eleos has raised €3.75 million in a Seed round led by Fuel Ventures and Indico Capital.

Founded in 2022, Eleos is the UK’s only provider of fully digital life insurance and income protection products and is on course to pass the £1 million revenue mark by the end of 2024.

Eleos works with popular brands to white-label and embed income protection and life insurance into their online journeys. The company uses the data it already holds to raise awareness, provide quotes, and expedite the application process.

The company was founded to address two basic shortcomings in the insurance industry: its inability to communicate the importance of financial protections like income protection and life insurance and its difficulty in developing fully digital solutions.

Using its proprietary full stack B2B2C solution with APIs and white-labelled journeys the company makes finance integration simple with no additional costs. This enables its partners to benefit from new revenue streams, enhanced customer retention, and full regulatory coverage under the company’s FCA authorisation.

Currently Eleos’s partners include the credit-building specialists Loqbox and CreditLadder and the flexible loans providers CreditSpring and Updraft.

Eleos  also offers its customers a 24/7 remote General Practitioner service, mental health support and a scheme that gives cashback on everyday purchases.

“With our new funding we will launch more lines of insurance in the life and disability verticals and strike more distribution partnerships in the UK. Part of the funding is also earmarked to launch operations in the US.”

“We’ve been looking for a way into the insurtech sector for a long time but to do that we need a team with specialist experience, an understanding of the challenges and access to a substantial market.

With Eleos we’ve found all three, and we believe their products encapsulate our thinking about the insurance space – giving people easy access to familiar platforms. We’re working together to make our shared vision of the future a reality, and that’s why we’ve doubled down on our support for their growth and expansion.”

Stephan Morais, Managing General Partner of Indico Capital Partners, added:

“Indico is happy to keep supporting experienced founders such as the founders of Eleos. The insurtech market has plenty of room to grow and Eleos is targeting areas which are not only sizable but overlooked by other current players globally.”