Funding

Eleos funding news – Insurtech Company Eleos has Secures €3.75 Million in a Seed Funding

May 8, 2024 | By Startup Rise EU

London-based insurtech company Eleos has secures €3.75 million in a seed funding by Fuel Ventures and Indico Capital. Eleos, which was established in 2022, is the sole supplier of totally digital life insurance and income protection products in the UK. By the end of 2024, the company expects to have generated £1 million in sales.

SUMMARY

  • Eleos was founded in 2022 secures €3.75 million in a Seed round led by Fuel Ventures and Indico Capital.

London-based insurtech company Eleos has secures €3.75 million in a seed funding by Fuel Ventures and Indico Capital. Eleos, which was established in 2022, is the sole supplier of totally digital life insurance and income protection products in the UK. By the end of 2024, the company expects to have generated £1 million in sales.

Eleos collaborates with well-known businesses to integrate life insurance and income protection under white labeling into their online experiences. The business leverages the information it already has on hand to accelerate the application process, issue quotations, and increase awareness.

The firm was established to solve two fundamental issues with the insurance sector: its incapacity to effectively convey the value of financial safeguards such as life insurance and income protection, as well as its challenges in creating totally digital solutions.

Read also - [Funding News ] Real Estate Data Management Platform Stonal Secures up to €100 Million in Funding

The firm offers white-labelled journeys, APIs, and a proprietary full stack B2B2C solution that simplify finance integration without incurring extra fees. This gives its partners access to complete regulatory covering under the company's FCA authorization, as well as additional income sources and improved client retention.

As of right now, Eleos's partners include the flexible loan companies CreditSpring and Updraft as well as the credit-building experts Loqbox and CreditLadder.

Eleos’s CEO, Kiruba Shankar Eswaran: “With our new funding we will launch more lines of insurance in the life and disability verticals and strike more distribution partnerships in the UK. Part of the funding is also earmarked to launch operations in the US.”

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Mark Pearson, founder of Fuel Ventures commented: “We’ve been looking for a way into the insurtech sector for a long time but to do that we need a team with specialist experience, an understanding of the challenges and access to a substantial market. With Eleos we’ve found all three, and we believe their products encapsulate our thinking about the insurance space – giving people easy access to familiar platforms. We’re working together to make our shared vision of the future a reality, and that’s why we’ve doubled down on our support for their growth and expansion.”

Stephan Morais, Managing General Partner of Indico Capital Partners, added: “Indico is happy to keep supporting experienced founders such as the founders of Eleos. The insurtech market has plenty of room to grow and Eleos is targeting areas which are not only sizable but overlooked by other current players globally.”

About Eleos

Eleos. uk startup, They collaborate with well-known, reputable companies to include life insurance and white-labelled income protection into their online experiences. They can remove the obstacles to knowledge and accessibility that prevent the widespread use of these vital items by utilizing the wealth of data they contain. With only a few clicks, their customers may achieve financial resiliency and peace of mind thanks to the seamless integration of their systems.

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