Ladder has also become the first fully digital life insurer in operation. Credit: mohamed Hassan from Pixabay.

Ladder, a US-based digital life insurance company, has raised $100m in its Series D funding round led by Thomvest Ventures and OMERS Growth Equity.

It will use the funds to make its insurance offering more accessible and affordable as well as increase headcount.

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Ladder uses an all-digital architecture and real-time underwriting to offer life insurance solutions.

Ladder has also become the first fully digital life insurer in operation, after issuing its first policies through Ladder Life Insurance Company. It plans to issue $30bn in LadderLife coverage by year-end.

Ladder CEO and co-founder Jamie Hale said: “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 materialise.”

Established in 2017, the insurer raised $40m in Series B funding the next year from major insurance companies like Allianz Life Ventures and Northwestern Mutual Future Ventures.

Thomvest Ventures managing director Don Butler said: “We are excited to invest in Ladder’s vision to build the digital life insurance company of tomorrow, and their announcement today that they are the first in operation shows that they are outpacing the industry.”

OMERS Growth Equity managing director and fintech lead Saar Pikar said: “We believe that the company offers a truly transformative approach, including through its efficient adjudication of risk and enhanced user experience.”

In July this year, Ethos, another US-based insurtech focused on life insurance, has raised $100m in funding at a $2.7bn valuation.