Life insurance platform LifeBid has raised $1.45 million in equity funding since launching its equity raising campaign in August, surpassing its goal of $1 million.
Some 147 investors participated in the fundraising round. They were predominantly from the life insurance and financial advice sectors.
The successful equity crowdfunding campaign follows a strategic co-investment of $630,000 from MBS Insurance, Austbrokers Life managing director Ben Donald, and risk specialist advice professional Katherine Hayes.
The funds will assist with the development of the LifeBid platform, which is set to launch in Q2/Q3 next year. It aims to streamline life insurance advice by uniting financial advisers and insurers while reducing operational costs.
LifeBid CEO and co-founder Brett Wright established the company with strategy adviser and director Jeremy Wright because, as advisers, they were “immensely” frustrated by how high-quality advice and life insurance cover have become complex and expensive for consumers to access – and how hard, unprofitable, and risky it has become for advisers, licensees, and insurers to help everyday Australians.