Pendella Technologies Raises $5.2M in Seed-2 Funding Led By Top Insurtech Investors

FORT MYERS, Fla., March 1, 2022 /PRNewswire/ -- Pendella Technologies, a fast-growing technology company on a mission to take the bias out of life insurance, announced the completion of $5.2 million in Series Seed-2 funding.

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. Other investors include TASC Ventures, SixThirty, Assurity Ventures Inc., Aflac Ventures, MTech Capital and Early Light Ventures.

Founded 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. 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 to meet the unique needs of every customer regardless of age, health condition, or income level.

The funding will support Pendella's planned growth, as well as the more than 30 partnerships the company formed over the last 12 months with nationwide online retail agencies, a major publicly traded insurance broker and reinsurer, financial advisory firms and professional employee organizations. 

"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," said Gaydos. "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."

According to 2021 data from financial research firm LIMRA, American life insurance ownership is at record low levels with 42% of the U.S. adult population currently without any coverage or underinsured. However, the COVID-19 pandemic and the trend towards online insurance buying have increased people's interest in securing individual life insurance to protect their families. A 2021 LIMRA study found that nearly 31% of consumers are likely to purchase life insurance in the next year, and at least 48% of Americans indicated they are more likely to buy the coverage if "simplified underwriting is used."  

"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," Gaydos said. "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."

"Our fund deeply believes platforms simplifying and improving insurance distribution will generate substantial value in the market," said Kyle Beatty, Managing Director at American Family Ventures. 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."

"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," noted Eric Emmons,

Managing Director of MassMutual Ventures. "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."

"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." said Brian McLoughlin, Co-Founder and Partner at MTech Capital. "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."

About Pendella

Pendella is a technology company that exists to make the financial protection of individual life and disability insurance available to all people, regardless of age, health status, or income level. Pendella's full-stack, enterprise SaaS solution is powered by artificial intelligence and big data to automate underwriting and deliver a simple, intuitive, and delightful experience to thousands of people through partnerships with top-rated insurance carriers and distributors. White-label customization enables a seamless end-to-end experience. Instant life and disability insurance in minutes. No paperwork. No medical exams. Minimal-effort implementation.

Join us: Linkedin.com/company/Pendella

About American Family Ventures
American Family Ventures is a venture capital firm focused on insurance innovation. Founded in 2013, AFV invests in early-stage startups that are redefining the future of the insurance industry. AFV aims to help create category-leading companies through minority equity positions, active partnership and collaboration, an extensive Insurtech network, and a comprehensive platform of value-add programs. To learn more, visit amfamventures.com.

About MassMutual Ventures
MassMutual Ventures (MMV) is a multistage global venture capital firm investing in enterprise software, cybersecurity, financial technology, and digital health companies. With our deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value. MMV has offices in Boston and Singapore, with $450 million under management across two teams. The US-based team invests across North America and Israel, while the Singapore-based team invests across Southeast Asia, Hong Kong, India, Australia, and New Zealand. For more information, visit www.massmutualventures.com. 

About MTech Capital
MTech Capital is an InsurTech-focused venture capital firm with offices in Santa Monica and London. MTech invests in technology-enabled companies with the potential to transform one or more elements of the insurance value chain, across P&C, life, health, employee benefits, and asset management. MTech is led by founding partners each with decades of experience across venture capital, insurance, and insurance investment banking. MTech's investors include some of the world's largest insurance groups. Learn more at mtechcapital.com

SOURCE Pendella