Juno, a US-based start-up specialising in child disability insurance, has raised $8.5m in a Series A funding round.
The round was led by Spero Ventures and supported by Floating Point, Newark Ventures and WVV Capital.
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It has increased the company’s total capital to $12.5m.
Juno plans to use the investment to expand its client base, enhance its broker network and improve product flexibility to accommodate any company’s budget interested in offering this benefit.
The insurance coverage provided by Juno, accessible through employers, grants parents up to $1m in tax-free cash, with a maximum of $500,000 per eligible child.
These funds are distributed in monthly instalments for a duration of up to ten years.
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By GlobalDataJuno’s policy is designed to support children from birth until the age of 26, offering families the flexibility to use the funds as needed, whether to supplement income, hire specialised caregivers or cover medical expenses not included in health insurance.
In addition to financial support, Juno delivers personalised assistance to families.
This one-on-one service helps them to manage the challenges associated with their child’s disability, leverage other available resources and devise a plan for the future.
Spero Ventures’ Stephen Wemple said: “Juno is the pioneer of child disability insurance in the US and we are proud to help establish this new core benefit category.
“Child disability insurance fills a gap in our country’s safety nets, offers financial protection for all working parents, and helps employers engage, attract and retain talent.”
Juno CEO and co-founder Jordan Epstein said: “We are so excited to partner with leading employers and brokers to finally fill this gap and provide life-changing, long-term financial support for working parents.
“Child disability insurance protects parents from their largest uncovered financial risk and this latest investment will enable more companies to offer this truly meaningful benefit for their employees.”
