Regardless of how set-in-stone the status quo is, you can always find a new way to solve old problems – just ask London-based startup YuLife. Turning the insurance industry on its head, YuLife focuses on risk prevention over claims compensation. The company offers life and health insurance products to businesses by encouraging healthier employee behaviour through its gamified app.
Championing a truly disruptive model for insurance companies has worked out so far: YuLife raised a $70 million Series B funding round earlier this year. As the business shifts gears in order to deliver on investors’ expectations, its Head of People, Cali Gold, sat down with Capdesk to share her experience using the platform.
Leaving yesterday behind
After a successful series A, YuLife was on a high-growth trajectory and hiring aggressively. Under Cali’s watch, the employee headcount grew from 19 to 95. YuLife’s employee share plan was being managed on a spreadsheet at the time, but the limitations of a manual system quickly became clear. It was time to move to a dedicated equity management platform.
“We outgrew the old system. It was just a list of names and the number of allocated shares based on the most recent investment round.”
Following in the footsteps of others
Cali recalls that Capdesk presented itself as the natural choice for YuLife co-founder Sam Rubin. “Sam chose Capdesk based on word-of-mouth recommendations from other founders in scaling businesses,” she explained. “It made the decision quick and easy.”
The platform also complements the company’s interactions with shareholders and makes the business look attractive to investors.
“Capdesk meets all the criteria. We need something robust for pulling reports that’s transparent with our data. With Capdesk I can quickly check what’s in our incentive pool and how many shares have been allocated.”
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Onboarding, the Capdesk way
Cali praised the continued assistance of the onboarding team in guiding YuLife through the digitisation of its cap table: “None of us had done this before, so having a Capdesk team member talk us through the platform step by step and articulate everything clearly was key.”
Comprehensive support from Capdesk was instrumental in making sure YuLife fully adopted the platform. “We really benefited from having somebody on hand to help,” she added. “They made sure we had the right forms, explained the difference between them, and demonstrated how to use Capdesk correctly.”
Building for the future
Today, Cali has renewed confidence in YuLife’s up-to-date cap table and can look ahead to the next step of the company’s equity journey.
“The custom equity dashboard for each employee is a really attractive feature. Being able to track shares and see how they’re vesting over the four-year period will incentivise the team and I can see how it would be an excellent retention tool.”