Sequoia-backed Ethos reaches public market as rivals falter

The profitable life insurance platform was one of the first major tech companies to go public in 2026.

Jan. 29, 2026 at 8:47pm

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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'. Though Ethos' stock closed its first day as a public company at $16.85, 11% below its IPO price, the company's co-founders still have plenty to celebrate, having grown the 10-year-old business to public-market scale.

Why it matters

Ethos' successful IPO comes as a contrast to the struggles of several other insurtech startups that have either pivoted, been acquired at sub-scale, remained at sub-scale, or gone out of business in recent years. The company's ability to reach profitability and maintain strong revenue growth sets it apart from its peers, highlighting the importance of financial discipline in the current funding climate.

The details

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. The company has remained laser-focused on reaching profitability, transforming it into a profitable company by mid-2023 with a year-over-year revenue growth rate of more than 50%.

  • Ethos debuted on the Nasdaq on Thursday, January 30, 2026.
  • Ethos reached profitability by mid-2023.
  • Ethos' last private round led by SoftBank Vision Fund 2 was in July 2021.

The players

Ethos Technologies

A San Francisco-based provider of software for selling life insurance and one of the first major tech companies to go public in 2026.

Peter Colis

Co-founder of Ethos Technologies.

Lingke Wang

Co-founder of Ethos Technologies.

Sequoia

A prominent venture capital firm and a major outside shareholder of Ethos.

Accel

A venture capital firm and a major outside shareholder of Ethos.

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What they’re saying

“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. Over time, the vast majority of those startups have pivoted, been acquired at sub-scale, remain at sub-scale or gone out of business.”

— Peter Colis, Co-founder of Ethos Technologies

What’s next

Ethos' successful IPO is expected to be closely watched as a bellwether for the 2026 listing cycle, with investors and industry observers keen to see if the company can maintain its growth and profitability as a public company.

The takeaway

Ethos' ability to navigate the challenging funding climate and reach profitability sets it apart from its peers in the insurtech space, highlighting the importance of financial discipline and a laser-focus on execution in the current market environment.