July 18, 2024 Newswires

Juno Raises $8.5 Million to Expand Life-Changing Financial Protection to More Working Parents

Business Wire

The first company in the U.S. to provide child disability insurance closes Series A funding to expand reach of new core employee benefit

SAN DIEGO--(BUSINESS WIRE)--
Juno, the first company in the U.S. to provide child disability insurance, announced today it has closed an $8.5m Series A led by Spero Ventures with participation from Floating Point, Newark Ventures, and WVV Capital, bringing its total capital raised to $12.5 million.

The new funding will be used to expand the company’s client base and broker network as well as increase product flexibility to meet the budget of any company looking to offer the benefit.

“For more than half a century, employers in the U.S. have offered disability insurance as a standard employee benefit, but until now, employees have struggled in silence if their child becomes severely disabled. We are so excited to partner with leading employers and brokers to finally fill this gap and provide life-changing, long-term financial support for working parents,” said Jordan Epstein, CEO and co-founder of Juno. “Child disability insurance protects parents from their largest uncovered financial risk, and this latest investment will enable more companies to offer this truly meaningful benefit for their employees.”

“Juno is the pioneer of child disability insurance in the U.S., and we are proud to help establish this new core benefit category,” said Stephen Wemple from Spero Ventures. “We have always focused on supporting mission-driven companies like Juno, whose products improve the bottom line for businesses while making an impact for ordinary people and society at large. Child disability insurance fills a gap in our country’s safety nets, offers financial protection for all working parents, and helps employers engage, attract, and retain talent. Most importantly, it can be truly life-changing for families when a child becomes severely ill or disabled.”

Through Juno, parents can receive up to $1 million ($500,000 per qualifying child) in tax-free cash, paid in monthly installments for up to 10 years. The benefit covers children from birth to age 26 and can be used in any way a family chooses, including supplementing lost income, hiring specialized caregivers at home, or addressing medical costs not covered by health insurance. Juno also provides one-on-one support services to help families navigate the complexities of their child’s condition, access other available resources, and build a successful plan for the future.

About Juno

Juno is the leader in child disability insurance, a core employee benefit that provides long-term financial support plus personalized guidance if a child from birth to age 26 becomes severely ill, injured, or disabled. Juno was founded by a team of insurance, benefits, and technology leaders on a mission to provide the financial safety net that they, as parents, wished they had. As a public benefit corporation, Juno donates 2% of every premium to organizations that research childhood disabilities and rare diseases or provide direct support to families.