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A life insurance start-up backed by Jay Z and Will Smith is now worth nearly $500 million

August 28, 2019

Via: CNBC

Ethos, the Silicon Valley start-up taking on America’s life insurance industry, just snagged $60 million in funding.

The San Francisco-based company announced on Wednesday that it raised the fresh funds in a Series C round led by GV, Alphabet’s venture arm, and backed by Goldman Sachs. Existing investors Sequoia Capital and Accel also invested; Ethos also counts Jay Z, Will Smith and Robert Downey Jr as backers.

Ethos offers term insurance, which pays out benefits if the claimant dies within a length of time that typically ranges from 10 to 30 years. The company uses data analytics to predict a person’s life expectancy, and claims the vast majority of its customers don’t have to take a medical test to be eligible for coverage.

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