LOUISVILLE, Ky.--()--DPL Financial Partners, the leading platform for commission-free annuities, today announced the closing of a Series C funding round of $23 million in primary capital. The round was led by Eos Ventures and included participation by TIAA Ventures and other strategic insurance investors.

This round represents the first investments in the company by insurers.

“It’s been exciting to see such strong interest from industry specialist investors and strategics who are investing in DPL because of the innovation we are driving in the industry,” said David Lau, DPL founder and CEO. “Having the support of leading insurers validates our business thesis, and we are aligned in our commitment to bring disruptive products and technology to market that empower advisors as fiduciaries and put investors first.”

FT Partners served as DPL’s exclusive financial advisor on the transaction, which was oversubscribed. Galen Shaffer, a Principal at Eos Ventures, will join DPL’s board of directors.

“We’ve been impressed by DPL’s growth trajectory and leadership position in connecting RIAs with fee-based annuities,” said Shaffer. “As a firm, we’ve wrestled with the ‘annuity puzzle’ and we envision a future where technology, transparency, and fiduciary alignment can enable more individuals to access better income protection. DPL is at the forefront of annuity and insurance distribution innovation, and we’re excited to support their future expansion.”

Wayne Baker, chief investment officer, TIAA Ventures, added: “DPL offers a disruptive and innovative platform for lifetime income. We look forward to working alongside David and his team to close retirement gaps and deliver on TIAA’s mission to ensure financially secure retirements for millions more people.”

DPL has $3.7 billion in assets on platform and has saved consumers more than $68 million in product fees through its commission-free model since going to market in 2018.

About DPL Financial Partners

DPL Financial Partners is the leading insurance marketplace bringing best-in-class solutions from the nation's top carriers to registered investment advisors (RIAs), their clients and consumers. DPL's products, proprietary tools, and embedded technology in leading wealth management platforms enable RIAs to incorporate insurance and annuities into their practices to more holistically serve their clients. Clients benefit from products that offer competitive pricing and transparent, fiduciary implementation to meet a range of needs in the financial plan. www.dplfp.com

About Eos Ventures

Eos Ventures is a global insurance specialist venture capital that identifies, invests in, and scales companies at the intersection of technology, insurance, and related sectors. The firm pairs deep insurance, investment, and operating experience with a thesis-driven approach to sectors including: insurance, cybersecurity, health, wealth, employee benefits and property. Learn more at EosVC.com

About TIAA

TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market provider [1], paid more than $5.6 billion in lifetime income to retired clients in 2022 and has $1.4 trillion in assets under management (as of 9/30/2024) [2].

1 As of July 21, 2022. Based on data in PLANSPONSOR's 403(b) 2022 DC Recordkeeping Survey, combined 457 and 403(b) data.
2 As of September 30, 2024 assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,400 billion.