Amplify Life Insurance, a San Francisco, CA-based digital permanent life insurance platform, raised $2.5M in seed funding.
The round was led by Anthemis with participation from Transverse Ventures Fund.
The company intends to use the funds to continue to expand operations and its business reach.
Started in 2019 by cofounders Qiyun Cai and Hanna Wu, Amplify provided a platform that offers life insurance products where customers can access tax-free investments inside their policy to use for retirement, student loans, a down payment – meanwhile providing lifelong protection. Additionally, the platform provides policy customization, streamlined underwriting, and an educational customer journey.
After incorporating in September 2019, Amplify raised their pre-seed round in March 2020. They released their initial customer-facing platform and began generating early revenue in January 2020. Since then, the company has submitted multiple seven figures of annual premiums and is directly contracted with several large life insurance carriers.