Lowenstein Sandler represented Dayforward, the first digital life insurance company built for modern families, in a $25 million round of funding led by AXA Venture Partners, with participation from existing investors including HSCM Ventures, Juxtapose, and Munich Re Ventures.
Dayforward launched in 2021 with the mission to help families across the country create financial security for the people they love. Its innovative term life insurance offering guarantees the policyholder's family will continue to receive their income in the event that the policyholder passes away. The company's latest funding round brings the company's aggregate amount of capital raised to $45 million, which 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.
The fund raise coincides with Dayforward’s acquisition of Commercial Travelers Life Insurance Company, as well as the launch of Dayforward's innovative life insurance solution throughout most of the country.
The deal team included Anthony O. Pergola, Sarah Gore, Claire Dronzek, Eric Sands, and Chynara Tolubaeva.