TLDR:
- London-based insurtech Eleos secures €3.75 million seed investment led by Fuel Ventures and Indico Capital.
- Eleos plans to launch in the US and expand its offerings in the life and disability verticals.
Only six months after completing its pre-seed round, Eleos has raised €3.75 million in a seed round led by Fuel Ventures and Indico Capital. The UK-based insurtech company, founded in 2022, aims to provide fully digital life insurance and income protection products. The company plans to pass the £1 million revenue mark by the end of 2024 and address the low penetration rates of life insurance and income protection in the UK. Eleos’s CEO, Kiruba Shankar Eswaran, previously founded successful start-ups and exits in the UK and Portugal.
Eleos aims to revolutionize consumer access to financial protections by partnering with leading financial brands. Their proprietary full-stack B2B2C solution simplifies integration for partners, offering new revenue streams, enhanced customer retention, and regulatory coverage. The company’s partnerships include credit-building specialists like Loqbox and flexible loans providers like CreditSpring.
The company plans to expand its offerings in the life and disability verticals and launch operations in the US with the new funding. By offering consumers free ancillary benefits, such as a 24/7 remote GP service and mental health support, Eleos aims to attract and retain customers. Fuel Ventures and Indico Capital Partners have expressed their support for Eleos’s growth and expansion, emphasizing the potential for growth and innovation in the insurtech sector.
