The UK-founded insurance startup yulife has raised £10 million in a funding round led by Creandum Funds, with participation from MMC Ventures, Notion Capital, Anthemis Exponential Ventures, RGAX, and OurCrowd.

According to the company, 87 percent of SMEs have no life insurance for their employees in place. The startup tries to solve this by offering an “end to end digital journey,” streamlining the process of purchasing the insurance and engaging with employees directly through a wellbeing app. The app encourages users to complete activities like walking or meditation and rewards them with air miles, vouchers, and gift cards from partners.

Founded in 2016, yulife has raised a total of £13 million to date, including the current round.

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