Eleos raises €3.75 million in seed investment

The digital insurer Eleos has raised €3.75 million in a round of seed financing six months after competing a pre-seed round.

This latest round led by the UK’s Fuel Ventures and Indico Capital Partners comes after previous investments from Fuel Ventures, Founders Factory, Insurtech NY, Magic Fund, and Indico Capital Partners.

Stephan Morais, Managing Partner of Indico Capital Partners says that Indico continues to support experienced entrepreneurs like Eleos.

“The insurtechs market has a lot of room to grow and Eleos has target areas that are not only important, but also neglected by other current players worldwide”, he says.

Founded in 2022, Eleos today is the only totally digital supplier to the UK of life insurance and income protection insurance, and is on track to exceed the £1 million (€1.17 million) mark in revenues by the end of 2024.

The CEO of Eleos, Kiruba Shankar Eswaran, who founded Zaask in Portugal (later sold to Worten) said that the financing would be used to launch more insurance lines in the life and invalidity segments and set up more distribution partnerships in the UK and launching operations in the US.