Palo Alto – August 4, 2021 – Cooley advised Ethos, an insurtech company that's transforming the life insurance space, on its $100 million investment from SoftBank Vision Fund 2, which brings its valuation to $2.7 billion. Partner Seth Gottlieb led the Cooley team advising Ethos.
With its investment, SoftBank Vision Fund 2 joins a roster of investors that includes Sequoia Capital, Accel, GV, General Catalyst, Jay-Z's Roc Nation, and the investment vehicles of movie stars Will Smith and Robert Downey Jr. The investment brings Ethos' total funds raised to $400 million.
"Everyone should have an opportunity to protect their families," Peter Colis, CEO and co-founder of Ethos, said in a news release. "Our goal isn't just to offer the best insurance customer experience ever created, but to offer it to everyone. Even at this early stage, we've demonstrated that our technology can do this with life insurance. We're excited to apply our technology and data platform in new ways to expand that safety net even further."
Ethos makes getting insurance coverage easy and accessible for millions of families by using advanced data science and artificial intelligence to eliminate the traditional barriers to life insurance and bring the industry into the modern age. Year over year, Ethos' revenue and users have grown by more than 500%, and the company expects to issue $20 billion in life insurance coverage this year, surpassing all competitors as it achieves its mission to protect the next million families.