- Pendella Technologies recently announced it raised $5.2 million in Series Seed-2 funding. These are the details.
Pendella Technologies – a fast-growing technology company on a mission to take the bias out of life insurance – recently announced the completion of $5.2 million in Series Seed-2 funding. And prominent insurtech venture capital firms American Family Ventures and MassMutual Ventures led the funding round, which will position Pendella to continue its disruption of the life insurance market. The other investors include TASC Ventures, SixThirty, Assurity Ventures Inc., Aflac Ventures, MTech Capital and Early Light Ventures.
Launched by successful entrepreneur and recognized insurance benefits expert Robert Gaydos, Pendella’s embedded, white-label individual life and disability insurance solution empowers distributors and carriers to easily offer affordable life and disability insurance options to their customers. And the technology automates the underwriting process through the power of artificial intelligence and big data, creating a seamless and highly intuitive policy-buying experience where consumers can buy a policy completely online in minutes without a medical exam.
The company’s proprietary recommendation engine tailors life insurance options for meeting the unique needs of every customer regardless of age, health condition, or income level. And the funding will support Pendella’s planned growth, as well as the more than 30 partnerships the company formed over the last year with nationwide online retail agencies, a major publicly traded insurance broker and reinsurer, financial advisory firms and professional employee organizations.
KEY QUOTES:
“This funding milestone is an acknowledgement of how powerful and efficient Pendella’s technology is and will allow us to keep building our carrier and product portfolio. Our forward-thinking investors know we are perfectly positioned to tap into the significant opportunity that exists in the life insurance market. We are excited to work with them to bring Pendella’s vision to life.”
“As a former life insurance agent, I have long recognized the need to bring innovation to the life insurance buying process so more people can purchase this important financial protection. We are already reaching millions of Americans through our existing partnerships, and we have the right tools and team to keep expanding into new markets.”
— Robert Gaydos, Pendella founder and CEO
“Our fund deeply believes platforms simplifying and improving insurance distribution will generate substantial value in the market. We are excited to partner with the Pendella team, which we feel is uniquely situated to embed and seamlessly deliver valuable life and disability products through distribution partners.”
— Kyle Beatty, Managing Director at American Family Ventures
“One of MMV’s key investment theses is that innovative distribution solutions are needed to address the fact that 40% of U.S. households and almost half of U.S. individuals lack the financial protection provided by an individual life insurance policy. Pendella’s platform enables employers, benefit administration platforms, and professional employer organizations to quickly connect individuals to an agent who can guide them to the right term life, whole life, or disability coverage.”
— Eric Emmons, Managing Director of MassMutual Ventures
“What truly differentiates Pendella is how Bob has merged digital technology with traditional field underwriting, which allows the company to capture a much broader segment of the life market than the purely digital D2C models that we’ve seen. We believe incumbent insurers have not done enough to embed their products in a variety of distribution channels, leaving space in the market for innovative startups like Pendella.”
— Brian McLoughlin, Co-Founder and Partner at MTech Capital
