Crosslink Capital and Anthemis led the round, with new investors Moneta Ventures and Evolution Ventures joining, alongside existing investors MRV and Greycroft.
Amplify was founded in 2019 and is a platform that allows users to invest in various public equities and alternative assets using their life insurance premiums, aiming to help Americans access tax-free returns throughout their lifetime.
Hanna Wu, (pictured) Amplify CEO and co-founder, told Business Insider: “Both my parents were life insurance agents who started a policy for me when I was very young. After graduating from college, I was able to take some money out of my life insurance policy to open an office.”
Wu argues that people are often unaware of the financial benefits available through life insurance policies, and Amplify seeks to change that. The company uses proprietary machine learning data to model customers’ lifetime values and attract high-value customers, leading to higher average premiums than the broader industry.
The insurtech claims to have grown its revenues by 200% annually since its $12 million Series A in 2022. The company will use its new funding to expand its suite of products through its digital platform.
Wu added: “This was not an easy fundraise whatsoever, but we are fortunate that investors have chosen to double down on Amplify’s growth and recognise our value proposition.”
Amplify will use the funds to increase its headcount from 100 to around 125, focusing on B2B functions and data infrastructure.Source: Business Insider
