PALO ALTO — Ladder, which offers flexible life insurance in minutes, has raised a $100 million Series D round. The company says it has more than quadrupled revenue last year and plans to issue $30 billion in LadderLife coverage by year end.
The $100 million financing round was led by Thomvest Ventures and OMERS Growth Equity. It will be used to help grow the Ladder team, which has plans to more than double next year. Ladder offers up to $8 million in life insurance coverage in all 50 states.
Ladder is also announcing that it has become the first fully digital life insurance company in operation, after issuing its first policies through Ladder Life Insurance Company. Since 2017, Ladder has rebuilt every step of the life insurance stack, enabling key innovations across acquisition, product design, user experience, underwriting, instant issue, and policy administration. The addition of its fully operational carrier makes Ladder the first 100% vertically integrated life insurtech, built on a proprietary technology platform and powered by ever-compounding machine learning models.
“I know first hand how life insurance can change a life,” said Jamie Hale, CEO and Co-Founder at Ladder. “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.”
“The world is only becoming more digital, not less, and the life insurance industry to-date has been slow to modernize,” said Don Butler, Managing Director, Thomvest Ventures. “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.”
“Jamie Hale and his visionary management team are building Ladder into an innovative, market-leading digital life insurance company,” said Saar Pikar, Managing Director and fintech lead, OMERS Growth Equity. “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,” he added.
