London-based insurtech Eleos secures €3.75 million seed investment to launch in the US

Only six months after the completion of its pre-seed round, Eleos has raised venture capital investment of €3.75 million in a seed round led by Fuel Ventures and Indico Capital. Founded in 2022, Eleos has made rapid progress in consolidating its position as the UK’s only provider of fully digital life insurance and income protection products and is on course to pass the £1 million revenue mark by the end of 2024.

Source: EU Startups

By partnering with leading financial brands Eleos is revolutionising consumer access to important financial protections. Using its proprietary full stack B2B2C solution with APIs and white-labelled journeys the company makes integration simple with no additional costs. This enables its partners to benefit from new revenue streams, enhanced customer retention, and full regulatory coverage under the company’s FCA authorisation. Currently Eleos’s partners include the credit-building specialists Loqbox and CreditLadder and the flexible loans providers CreditSpring and Updraft.

Mark Pearson, founder of Fuel Ventures, commented: “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.”

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