UK-based life insurance platform YuLife has obtained $120m in a Series C investment round led by Japanese insurance major Dai-ichi Life.

YuLife’s existing investors also joined the round, which takes its total funding since its inception in 2016 to $206m. 

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The life insurer will use the proceeds to foray into new global markets and expand its product portfolio. 

YuLife’s insurance model is focused on the risk prevention model, which incentivises customers for healthy living. 

Using the YuLife app, policyholders can earn YuCoin, which can be used to buy gifts or can be donated to charity. 

YuLife CEO and founder Sammy Rubin said: “Unusually for financial services, our product creates a deep alignment of interests between the insurer, the company and the individual. We believe that wellbeing must be holistic, and we are committed to building a global financial services brand that can change the lives of millions of people across the world.”

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Dai-ichi Life Holdings director and managing executive officer Toshiaki Sumino said: “Dai-ichi Life is committed to supporting companies that have a proven track record of changing people’s lives for the better, and YuLife does exactly that, by bringing tangible value to financial products to bolster individuals’ wellbeing.

“YuLife has immense potential to build on its achievements to date, and we are thrilled to invest and help propel YuLife towards its next steps and scale its global operations. YuLife shares our ethos of harnessing the latest trends in technology to make a genuine difference to the lives of those using financial products.”

In July 2021, YuLife raised $70m in a Series B round led by Target Global.

YuLife also counts Creandum, LocalGlobe, Latitude, Anthemis, OurCrowd, Notion, MMC and Eurazeo as its backers.