California-based insurtech Ladder has secured $100 million in Series D funding in a round led by Thomvest Ventures and OMERs Growth Equity. The company, which brands itself as the first, fully digital life insurance company in operation, will use the new capital to fuel further innovation in accessible, affordable life insurance solutions. The investment will also enable Ladder to expand its team, with a goal of more than doubling its workforce in 2022.
“I know first hand how life insurance can change a life,” Ladder co-founder and CEO Jamie Hale explained. “With our carrier in operation and this new round of funding, 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 offers insurance customers flexible term coverage that can be set up in minutes and save policyholders up to 40%. With coverage of up to $8 million available in all 50 states, Ladder leverages an all-digital infrastructure and real-time underwriting to innovate at every step of the life insurance experience – from acquisition and product design to UX, instant issue, and policy administration. In its funding announcement, Ladder highlighted the fact that this week’s investment comes on the heels of 4x revenue growth in 2020 and in advance of its goal of issuing $30 billion in LadderLife coverage by the end of this year.
“Jamie Hale and his visionary management team are building Ladder into an innovative, market-leading digital life insurance company,” Saar Pikar, Managing Director and fintech lead at OMERS Growth Equity, said. “We are very pleased to count Ladder as OMERS Growth Equity’s first direct fintech investment – as well as our entry in the insurtech space, expanding on the insurtech presence established by our OMERS Ventures colleagues. We believe that the company offers a truly transformative approach, including through its efficient adjudication of risk and enhanced user experience.”
Founded in 2015, Ladder has raised a total of $194 million in funding. The company was named to Fortune’s Best Workplaces for a second year in a row this year and, this summer, appointed eight-year LinkedIn veteran Sanjeev Kapur to the newly created role of President.