HSCM injects capital into digital life insurer Dayforward
HSCM Ventures has participated in a $25 million funding round by Dayforward, the US-based digital life insurance company.
The round was led by Axa Venture Partners, with participation from existing investors including HSCM, Juxtapose, and Munich Re Ventures.
HSCM Ventures is the venture capital arm of Hudson Structured Capital Management Ltd, doing its re/insurance business as HSCM Bermuda.
The funding news comes as Dayforward announced its acquisition of Commercial Travelers Life Insurance Company, the storied insurance carrier founded in 1883.
The company's latest funding round brings the company's aggregate amount of capital raised to $45 million, and will allow Dayforward to invest in three key areas in 2023: scaling its business nationwide, continuing to launch its proprietary solutions through strategic partners, and developing new insurance products for its portfolio.
"Dayforward is a product-first, tech-enabled life insurance start-up that now has the ability to distribute through multiple channels — direct, agent, and partner — almost nationally," said Vikas Singhal, founding partner of HSCM Ventures.
"As a full-stack insurance company with a focus on automated underwriting and a streamlined front end, Dayforward is positioned to innovate across core areas of the industry and seeks to bring customised products to the market that fit specific customer needs.
“We are excited to partner with (Dayforward founding CEO) Aaron (Shapiro) and the team."