London-based Eleos secures $4m to advance digital life insurance

Eleos, the provider of fully digital life insurance and income protection products, has secured a $4 million seed investment.

The funding round, led by Fuel Ventures and Indico Capital, supports the London-based insurtech’s mission to transform access to essential protection services.

Since its founding in 2022, Eleos has been on track to exceed £1m in revenue by the end of 2024.

Through its partnerships with financial brands, Eleos offers a B2B2C platform that simplifies integration with APIs and white-labelled journeys, allowing partners to enhance customer retention and generate new revenue streams without extra costs.

Eleos’s strategy includes providing customers with free benefits such as 24/7 remote GP services and mental health support, alongside everyday purchase cashbacks, to offset insurance costs.

Kiruba Shankar Eswaran, CEO of Eleos, commented on the funding and future plans: “With our new funding we will launch more lines of insurance in the life and disability verticals and strike more distribution partnerships in the UK. Part of the funding is also earmarked to launch operations in the US.”

Mark Pearson, founder of Fuel Ventures, shared his vision for the partnership: “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, also expressed his support: “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.”