DPL Monetary Companions, an insurance coverage administration platform for registered funding advisors, has obtained a $23 million funding in a Sequence C funding spherical led by Eos Ventures, a enterprise capital agency targeted on insurance coverage. Others included TIAA Ventures and different insurance coverage traders, marking the primary investments within the firm by insurers.
“Having the assist of main insurers validates our enterprise thesis, and we’re aligned in our dedication to deliver disruptive merchandise and know-how to market that empower advisors as fiduciaries and put traders first,” DPL founder and CEO David Lau mentioned in a press release.
This brings DPL’s complete funding to $69 million and follows a $20 million extra funding in 2022 by the corporate’s two exterior traders, Eldridge and Atlas Service provider Capital. These two additionally invested $26 million in 2021.
The extra funding can be used to enhance the DPL platform and broaden its distribution capabilities.
Eos Ventures Principal Galen Shaffer will be part of DPL’s board of administrators.
“As a agency, we’ve wrestled with the ‘annuity puzzle’ and we envision a future the place know-how, transparency and fiduciary alignment can allow extra people to entry higher earnings safety,” Shaffer mentioned in a press release. “DPL is on the forefront of annuity and insurance coverage distribution innovation, and we’re excited to assist their future enlargement.”
DPL, which was launched in 2018 by Lau, is a membership group that focuses on bringing commission-free insurance coverage merchandise to the RIA market. The Louisville, Ky.–based mostly firm has grown to $3.7 billion in property on the platform and works with greater than 6,500 RIA corporations, representing over 45,000 advisors. In June, the corporate surpassed $3 billion in gross sales.
