Insurtech startup LifeBid has launched a crowdfunding (CSF) marketing campaign with venture-backed platform Stride Fairness, having already raised $700,000 in a strategic co-investment from business companions and the Stride Group.
LifeBid is the primary startup Stride Fairness has backed with funding since its launch earlier this yr and is the primary CSF marketing campaign on the platform. Stride’s crowdfunding platform solely hosts firms it has pre-qualified as meet the factors for co-investment by the VC aspect of the enterprise.
The insurtech startup is hoping to remodel the way in which life insurance coverage recommendation is supplied and managed. LifeBid’s digital platform has been developed to allow the 16,000 monetary recommendation suppliers and insurers nationally to interact, educate, advise and handle the life insurance coverage wants of shoppers, whereas slicing the prices of servicing them by as much as 90%.
LifeBid at the moment has a waitlist of two,000 Australian advisers for its platform and founder Brett Wright comes from that aspect of the business, getting down to clear up a well-known downside.
“As advisers ourselves, and like many others within the life insurance coverage sector, we have now seen how costly it has develop into for shoppers to entry good high quality recommendation and canopy, and skilled how laborious, unprofitable and dangerous it has develop into for advisers, licensees and insurers to assist extra Australians,” he mentioned.
“We would like our adviser and licensee business colleagues to be homeowners, beneficiaries and the driving pressure behind LifeBid. Partnering with the Stride group on this crowdfunding provide will make this potential and we’re excited to be their first portfolio firm.”
Stride Fairness CEO Maria Halasz mentioned they’re happy that LifeBid if their first funding and the primary portfolio firm on their crowdfunding platform.
“LifeBid is the right instance of the kind of companies we glance to fund; it has skilled and passionate founders who got down to clear up an pressing unmet want in an underserved business by offering an revolutionary know-how resolution that’s extremely scalable,” she mentioned.
“Their early engagement with your complete insurance coverage ecosystem is a proof level for us, as they construct on these strategic partnerships to facilitate speedy market penetration.
“With a extremely skilled founding group, observe report of supply, nice product-market match and robust business assist LifeBid ticks all of the bins for us for an funding and we’re excited to carry traders this chance via our platform.”
Particulars of the CSF marketing campaign are right here.