London-based life insurance startup Eleos has raised a $4 million seed funding led by Fuel Ventures and Indico Capital, with participation from APX. This investment came six months after Eleos closed its $750,000 pre-seed round.
- Launched in 2023 by Kiruba Shankar Eswaran, Eleos develops fully digital life insurance and income protection products. According to the startup, users benefit from managing their entire life insurance journey efficiently and selecting a monthly payment that suits their budget.
- Eleos offers extra benefits with insurance like a 24/7 GP service and mental health support, to make premiums easier to manage. The startup aims to encourage more people in the UK to get life and income protection insurance, so it’s improving its online system to make buying insurance faster and simpler, meeting what customers expect nowadays.
- To date, the Eleos services are utilized by 20,000 customers across the UK.
Details of the deal
- The investment was co-led by London-based Fuel Ventures, a VC firm that makes pre-seed and seed investments, with ticket sizes typically ranging between £250,000 and £3 million, and Indico Capital, a Lisbon-based VC that funds international tech startups from seed to Series A stages.
- Additionally, the funding saw participation from APX, a German fund that invests in pre-seed startups from Europe and European founders abroad.
“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,” Founder of Fuel Ventures, Mark Pearson, commented.
- With the capital raised, Eleos plans to launch additional types of insurance in the life and health sectors, expand its partnerships within the UK, and extend its operations into the US market.
