Ethos Technologies, a San Francisco-based provider of software for selling life insurance, debuted on the Nasdaq on Thursday. As one of the year’s first major tech IPOs, the insurtech platform is being closely watched as a bellwether for the 2026 listing cycle.
The company and its selling shareholders raised approximately $200 million in the offering, selling 10.5 million shares at $19 each under the ticker symbol “LIFE” — one of the more on-the-nose choices in recent memory. The name fits. Ethos runs a three-sided platform where consumers buy policies online in 10 minutes without medical exams. It says over 10,000 independent agents use its software to sell those policies and that carriers like Legal & General America and John Hancock rely on it for underwriting and administrative services. Ethos itself isn’t an insurer — it’s a licensed agency earning commissions on sales.
Though the company’s stock closed its first day as a public company at $16.85, 11% below its IPO price of $19, Ethos co-founders Peter Colis and Lingke Wang still have plenty to celebrate, having grown the 10-year-old business to public-market scale.
“When we launched [the business], there were like eight or nine other life insurtech startups that looked very similar to Ethos, with similar Series A funding,” Colis told TechCrunch. “Over time, the vast majority of those startups have pivoted, been acquired at subscale, remain at subscale or gone out of business.”
For instance, Policygenius, which raised over $250 million from investors, including KKR and Norwest Venture Partners, was acquired by PE-backed Zinnia in 2023. Meanwhile, Health IQ, a startup that secured more than $200 million from prominent VCs like Andreessen Horowitz, filed for bankruptcy that same year.
Ethos, which has raised over $400 million in venture capital, could have easily succumbed to a similar fate. Instead, the company remained …