n InsurTech firm hoping to reinvent life insurance through its app has closed a €11.3 million funding round.

yulife, founded in 2016, hopes to change the approach to life insurance by encouraging better mental and physical health.

Specialising in group life cover, it offers both SMEs and large businesses the ability to provide cover to individual employees through its app. It also offers a central platform for employers to monitor progress and activity and interact.

The London-based firm plans to use the funds to develop its product and reach more businesses with its unique approach to group life cover.

One of its techniques is to offer ‘yucoin’ via its app; a currency collected for maintaining healthy habits like mediation and walking which can then be exchanged for rewards.

Amazon and ASOS are partner brands which employees can shop at once they have reached their target.

Employees can also compete with each other through company leaderboards.

The firm believes that by encouraging wellbeing, its members will inevitably become healthier, which lowers risks of a claim.

The latest round was led by Creandum Funds and follows a £3m seed-round led by LocalGlobe.

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The firm was founded by Sammy Rubin, who said his last three years building the company had been an incredible privilege.

“We’re confident that the further funding will allow us to fulfil our vision of making life insurance a force for good,” he said.

“We’re grateful to receive backing from investors with whom we are so deeply aligned, and believe this will help us promote our proposition to inspire lasting, healthy change in people’s lives.”

Creandum Advisor Partner, Carl Fritjofsson, added: “yulife stands out as the first of its kind, integrating gaming, psychology and wellbeing to break new ground in the life insurance industry, helping to better people’s lives, here and now.

“We are eager to support yulife’s growth and development, and work with the team to progress our shared mission.”