LifeBid, a self-dubbed insurtech disruptor, has announced the completion of a $1.45 million equity crowdfunding campaign with Stride Equity, Australia’s first venture-backed equity crowdfunding platform, exceeding its initial investment target by nearly 50 per cent.

A total of 147 new investors participated in the campaign, mostly from the financial sector, including some of Australia’s largest advisory practices, LifeBid said in a statement.

The raise target was initially set at $1 million. Of the $1.45 million raised, $820,000 originated from crowdfunding investors against an original target of $370,000.

LifeBid is the first company approved for investment and hosting on the Stride Equity platform since its launch in March this year.

Stride, which said that it will back all investee companies on its platform, with industry investors also kicked in a strategic co-investment of $700,000 into the LifeBid campaign.

LifeBid said it will deploy the funds to support the development of its end-to-end technology platform.

The company, founded by life insurance professionals Brett Wright and Jeremy Wright, said it “plans to revolutionise the way life insurance advice is provided and managed”.

Once launched, the digital platform will enable financial advice providers and insurers around Australia to help “engage, educate, advise and manage clients’ life insurance needs”, while also, the insurtech said, “cutting costs to serve by up to 90 per cent”.

The company notes that it was founded in recognition of the complexity and high cost of providing high-quality advice and life insurance cover for consumers, as well as the cost and risk for advisers, licensees, and insurers in supporting clients.

“Accessing and providing life insurance advice in Australia has long been plagued by complex regulations, inadequate technology and soaring costs, leading to frustrated advisers, licensees, insurers and consumers alike,” LifeBid said in a statement.

“LifeBid’s digital solution aims to connect all industry stakeholders and enable advisers to seamlessly manage their clients’ needs on a single platform, providing better value and experience for customers.”

Among those on the insurtech’s advisory board include Financial Advice Association Australia (FAAA) director Katherine Hayes, Zurich chief distribution officer Kieran Forde, and TAL EGM, Individual Life Gavin Teichner.

More than 2,000 advisers are currently on the platform’s pre-launch waitlist.