Juno – the first company in the U.S. to provide child disability insurance – announced it has closed an $8.5 million Series A led by Spero Ventures with participation from Floating Point, Newark Ventures, and WVV Capital, bringing its total capital raised to $12.5 million.
This new funding round will expand the company’s client base and broker network and increase product flexibility to meet the budget of any company offering the benefit.
With Juno, parents can receive up to $1 million ($500,000 per qualifying child) in tax-free cash, paid in monthly installments for up to 10 years. And the benefit covers children from birth to age 26. It can be used in any way a family chooses, including supplementing lost income, hiring specialized caregivers at home, or addressing medical costs not covered by health insurance.
Juno also offers one-on-one support services to help families navigate the complexities of their child’s condition, access other available resources, and build a successful plan for the future.
KEY QUOTES:
“For more than half a century, employers in the U.S. have offered disability insurance as a standard employee benefit, but until now, employees have struggled in silence if their child becomes severely disabled. We are so excited to partner with leading employers and brokers to finally fill this gap and provide life-changing, long-term financial support for working parents. Child disability insurance protects parents from their largest uncovered financial risk, and this latest investment will enable more companies to offer this truly meaningful benefit for their employees.”
– Jordan Epstein, CEO and co-founder of Juno
“Juno is the pioneer of child disability insurance in the U.S., and we are proud to help establish this new core benefit category. We have always focused on supporting mission-driven companies like Juno, whose products improve the bottom line for businesses while making an impact for ordinary people and society at large. Child disability insurance fills a gap in our country’s safety nets, offers financial protection for all working parents, and helps employers engage, attract, and retain talent. Most importantly, it can be truly life-changing for families when a child becomes severely ill or disabled.”
– Stephen Wemple from Spero Ventures
