Crosslink Resources and Anthemis led the round, with new investors Moneta Ventures and Development Ventures joining, along with existing investors MRV and Greycroft.
Amplify, founded in 2019, is a platform that allows users to invest in public equities and alternative assets using their life insurance premiums, aiming to help Americans access tax-free returns throughout their lifetime.
Hanna Wu, Amplify’s CEO and founder, told Business Insider: “Both my parents were life insurance agents who started a policy for me when I was very young. After graduating from university, I was able to withdraw some money from my life insurance policy to open an office.”
Wu argues that people are often unaware of the financial benefits available through life insurance plans, and Amplify seeks to change that. The company leverages proprietary machine learning data to model customers’ lifetime values and attract high-value clients, resulting in higher average spending than the broader sector.
The insurtech claims to have grown its revenue by 200% annually since its $12 million Series A in 2022. The company will use its new funding to expand its suite of products through its digital platform.
Wu added: “This was not an easy fundraise at all, but we are fortunate that investors have chosen to double down on Amplify’s growth and recognize our value proposition.”
Amplify will use the funds to increase its headcount from 100 to approximately 125, focusing on B2B functions and data infrastructure.