Eleos insurance explained

Eleos
Country Of Origin:United Kingdom
Commercial:Yes
Type:Insurance Company
Language:English
Launch Date:2023
Current Status:Active

Eleos Insurance is a digital insurance provider based in London, United Kingdom, offering life insurance and income protection insurance products.[1] The company was established in 2023.[2]

History

Eleos was founded by Kiruba Shankar Eswaran, who had previously established Zaask, a local services marketplace in Portugal.[3] In May 2024, the company received £3.25 million in seed funding from investors including Fuel Ventures and Indico Capital.[4]

Products and Services

The company provides two primary insurance products:

Additional services include:

Business Model

Eleos operates through a B2B2C (Business-to-Business-to-Consumer) framework.[9] The company provides insurance services through partnerships with financial institutions.[10]

Funding

A seed funding round in May 2024 raised $4 million, with participation from Fuel Ventures and Indico Capital.[11] The company indicated plans to use the funding for UK market expansion and potential U.S. operations.[12]

Regulatory Status

Eleos operates under Financial Conduct Authority (FCA) regulation in the United Kingdom.[13] Its policies fall under the protection of the Financial Services Compensation Scheme.[14]

References

  1. Web site: Eleos Secures $4m Seed Investment. Lauren. Towner. May 7, 2024. FF News | Fintech Finance.
  2. Web site: London-based insurtech Eleos raises €700k pre-seed. Stefano De. Marzo. November 2, 2023. EU-Startups.
  3. Web site: Eleos secures £3.25M seed investment. Fuel Ventures.
  4. Web site: Insurtech Eleos Secures $4 Million in Seed Funding. June 6, 2024.
  5. Web site: Insurtech Eleos to expand life insurance offering. Cover Magazine.
  6. Web site: Insurtech Eleos raised $4 mn seed funding round. May 17, 2024. Beinsure Media.
  7. Web site: Eleos adds HealthHero’s GoGP to protection policies for new customers. Protection Reporter.
  8. Web site: Eleos raises €3.75M in Seed funding. May 7, 2024. Tech.eu.
  9. Web site: Education dominant industry in Oxford's workforce. Oxford Mail.
  10. Web site: Education sector in the top 3 highest percentage of workers in England and Wales. FE News.
  11. Web site: Eleos Raises $4M in Seed Funding. May 8, 2024.
  12. Web site: London-based Eleos secures $4m. The Intermediary.
  13. Web site: Insurtech startup Eleos raises £615k. November 2, 2023. UKTN.
  14. Web site: Eleos - Company Profile. CB Insights.

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