DPL Financial Partners, an insurance management platform for registered investment advisors, has received a $23 million investment in a Series C funding round led by Eos Ventures, a venture capital firm focused on insurance. Others included TIAA Ventures and other insurance investors, marking the first investments in the company by insurers.
“Having the support of leading insurers validates our business thesis, and we are aligned in our commitment to bring disruptive products and technology to market that empower advisors as fiduciaries and put investors first,” DPL founder and CEO David Lau said in a statement.
This brings DPL’s total funding to $69 million and follows a $20 million additional investment in 2022 by the company’s two outside investors, Eldridge and Atlas Merchant Capital. Those two also invested $26 million in 2021.
The additional funding will be used to improve the DPL platform and expand its distribution capabilities.
Eos Ventures Principal Galen Shaffer will join DPL’s board of directors.
“As a firm, we’ve wrestled with the ‘annuity puzzle’ and we envision a future where technology, transparency and fiduciary alignment can enable more individuals to access better income protection,” Shaffer said in a statement. “DPL is at the forefront of annuity and insurance distribution innovation, and we’re excited to support their future expansion.”
DPL, which was launched in 2018 by Lau, is a membership organization that focuses on bringing commission-free insurance products to the RIA market. The Louisville, Ky.–based company has grown to $3.7 billion in assets on the platform and works with more than 6,500 RIA firms, representing over 45,000 advisors. In June, the company surpassed $3 billion in sales.