Managers of Ethos Technologies Inc., a company that sells life insurance through the web, announced Tuesday that they have attracted $60 million more capital to the company through a new round of financing.
Ethos is a San Francisco-based company that has been selling term life insuance from Assurity Life Insurance Company through a website at http://www.ethoslife.com. Ethos managers say the company starts with the idea that “everyone deserves access to ethically designed, easy-to-understand term life insurance policies tailored to fit people’s lives.”
The company uses online technology to speed up the underwriting process.
The list of investors in the new round of funding includes Google’s GV affiliate, Goldman Sachs, Sequoia Capital and Accel.
Ethos has now raised a total of $100 million in outside capital through three rounds of funding.
Managers say the company has quadrupled revenue since October 2018, and that they will use the new capital to refine products and hire people who can help run and improve the website.
The California Department of Insurance website lists Ethos as an insurance agency and registered administrator.
In California, the company does business as Ethos Technologies Administrator Inc. and as Ethos Technologies Insurance Services Corp.
The company uses the name “Ethos Technologies Administrators” for administrative business conducted in California, and the name “Ethos Technologies Insurance Services Corp.” for insurance business conducted in California, according to a license status note on the California department’s website.
Although Ethos now focuses on selling term life insurance from Assurity, the California agent licensing site shows the company is also authorized to transact business for American General Life Insurance Company, which is a unit of American International Group Inc.; Banner Life Insurance Company, which is a unit of the Legal & General Group; and Pruco Life Insurance Company, which is a unit of Prudential Financial Inc.
The Idaho Department of Insurance website shows that in Idaho, Ethos is classified as an active non-resident producer. There, Ethos lists a relationship with Greenhouse Life Insurance Company, a unit of Reinsurance Group of America Inc., as well as with Assurity and Banner Life.
The Ethos-Robert Downey Jr.-Iron Man Life Insurance Connection
Ethos raised about $40 million in outside capital through its first two rounds of financing.
In a round of funding completed in 2018, which raised $11.5 million, the list of investors included actor Robert Downey Jr. Downey is best know for playing Tony Stark, the first user of the Iron Man suit technology, in the Iron Man and Avengers movies.
In the Iron Man and Avengers movies, Stark creates a fictional architectural, connection with the life insurance universe, by purchasing the MetLife Building and erecting his own building, Stark Tower, on the MetLife Building lot, according to the BoweryBoysHistory.com.
Another Ethos backer, GV, has made several real-world efforts to create connections with the insurance sector.
Two of the best-known GV insurance investments have been in Lemonade and Oscar Health.
— Read What to Take Away From Sears Canceling Thousands of Life Insurance Plans, on ThinkAdvisor.