Michael Carricarte, co-founder and CEO of Ol\u00e9 Life. Image Credits:<\/strong> Ol\u00e9 Life<\/p>\n<\/div>\n

Ol\u00e9 Life currently has members in 30 countries and over 3,000 contracted advisors. In the past year, the company introduced \u201cadd-ons,\u201d which are similar to \u201criders\u201d that insurance agencies offer but that are more along the lines of lifestyle benefits, Carricarte said. One that he noted is unlike what competitors offer is \u201creturn on premium,\u201d so, for example, if you pay $500 a year for 20 years and outlive your policy, you get all your money back, Carricarte said<\/p>\n

In terms of growth, the company doubled its employees and has issued close to $1 billion in coverage in the past 16 months. Meanwhile, revenue in the first quarter of this year was 73% higher than the same quarter in 2022.<\/p>\n

Now Ol\u00e9 Life wants to further advance its AI capabilities, grow its customer base through marketing and expand its number of agents to 5,000. It is doing that with a new $12 million Series A round of funding. Mundi Ventures and AV8 Ventures co-led the investment and was joined by Morro VC and other strategic investors. In total, the company has raised $17 million, including $7 million in previous rounds.<\/p>\n

In addition, Carricarte plans to add more health-related and lifestyle add-ons and get into business-to-business opportunities, and the company will be licensed in Mexico and Brazil by the end of this year.<\/p>\n

\u201cWe want to grow and go fast,\u201d Carricarte said. \u201cWe want to work on product distribution and communication. Once we are licensed in these countries, we can really start scaling. Also, the B2B opportunity for us is going to be huge.\u201d<\/p>\n<\/p><\/div>\n

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