Australian insurtech startup Integrity Life has announced a $43 million series B round of funding, raised before and during the COVID-19 pandemic.

The majority of the capital came from institutional funds managed by Schroder Investment Management (Switzerland) AG, with support from existing institutional shareholders Leadenhall Capital Partners and Daido Life, and smaller parcels coming from Australian and International sophisticated investors.

Integrity Life says the funding will be used to support the expansion of operations and continued development of its digital-led insurance offering.

“We’re thrilled to have the confidence and backing of Schroders, who have recognised that our approach to Life Insurance in Australia is changing the game,” said Chairman Eric Dodd.

“Our ethos of ‘digital when you want it, human when you need it’ allows us to marry the convenience of technology with an empathetic approach that guides everything we do.

“In an industry that is crying out for innovation, we’re excited that this injection will enable us to bring more Australian firsts and step-change improvements to both the financial adviser and customer experience.”

Scott Mitchell, Portfolio Manager for Life Insurance Linked Securities at Schroders added, “We are excited to support Integrity Life in its next phase of growth as it continues to strengthen its position in the Australian life market.

“The investment provides Schroders’ investors with a rare opportunity to support a digital-focused business that provides access to diversifying life insurance risks, such as mortality, critical illness and disability.”