Eleos, a UK-based insurtech, has secured a €700k pre-seed funding round backed by Indico Capital Partners, APX, Fuel Ventures, and Magic Fund, to make life and income protection insurance accessible for all.
Eleos works in partnership with several popular brands, mostly other fintechs, to embed income protection insurance and life cover into their online journeys. By using the data these brands already hold, Eleos can raise awareness, provide personalised quotes, and speed up the application process.
The funding will enable Eleos to launch innovative insurance products and forge new partnerships to bridge the massive protection gap that exists in the UK.
The startup has already partnered with leading fintech brands, including Loqbox and Updraft, to increase the awareness, accessibility and adoption of essential insurance products.
Launched in 2023, and with teams in London and Lisbon, Eleos was founded by a team of entrepreneurs who have successfully exited from Zaask, a leading services marketplace in Iberia, and Anorak, the UK’s first digital life insurance broker.
Stephan Morais, Managing General Partner of Indico Capital Partners, said: “Happy to welcome Eleos to our Indico Founders Program powered by Google for Startups. The digitalization of insurance is still in its early days, and Eleos is innovating in this massive field.”
Eleos CEO Kiruba Shankar Eswaran commented: “Our mission is to give everyone the financial stability that will steer them safely through times of unavoidable hardship by offering accessible, affordable and essential insurance policies. We’ve made huge progress towards this goal in just a few short months, and with our new investment partners, that progress will accelerate.”
Mark Pearson, Founder and Managing Partner of Fuel Ventures Ltd, added: “Eleos is building something hugely innovative and exciting, shaking up the insurance industry. They’re a welcome addition to the Fuel Ventures portfolio, and we look forward to supporting their continued success.”
Eleos’ partners range from leading fintech brands to self-employment marketplaces and demonstrate the commitment of all parties to the creation of financial resilience. These partnerships not only prioritise the financial well-being of customers but also bring considerable enhancements to each brand’s offer by giving them access to significant revenue streams and improving customer retention.
