London-based InsurTech Eleos raises $4m to propel US expansion plans

London-based InsurTech firm Eleos has successfully raised $4m in a seed funding round, as it eyes an expansion into the US market.

The seed funding round garnered support from Fuel Ventures and Indico Capital but also saw continued backing from previous investors, including Founders Factory, Insurtech NY, Magic Fund, and Indico Capital Partners, according to InsurTech Insights.

This tranche comes hot on the heels of Eleos’s pre-seed round completion merely six months ago, reflecting investor confidence in the company’s vision and potential.

Established in 2022, the firm has swiftly positioned itself as the UK’s sole provider of fully digital life insurance and income protection products.

With ambitions to surpass £1m in revenue by the end of 2024, Eleos addresses crucial gaps in the insurance sector, particularly in effectively communicating the importance of financial protections and delivering fully digital solutions.

Mark Pearson, founder of Fuel Ventures, remarked, “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 on 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 sizeable but overlooked by other current players globally.”