Leesburg, Virginia-based
AnnuityNet, the Internet-based annuity sales firm, has closed $20 million in second-round funding from a group of investors, led by
Conning Capital Partners. Other investors include
Liberty Financial (
L),
which provides one annuity product for AnnuityNet, as well as
GE Equity, and
FBR Financial Fund. The initial round of funding was provided by
Lincoln National Life (
LNC), which distributes two annuity products through the service.
Shane Chalke, the chief executive officer and founder of AnnuityNet said that the funding will help "bring annuities to a broader audience of customers," though the AnnuityNet.com retail site and through private-labeled, affiliate financial web sites.
In addition, Chalke said that AnnuityNet plans to introduce
AnnuityNetAdvisor, an annuity management platform to support the sale and servicing of annuities through financial intermediaries, in the third quarter of 2000.
AnnuityNet currently has partnerships with
Bank One, the
Gay Financial Network,
OnMoney and
TD Waterhouse, offering four annuity products from Keyport Life and Lincoln.
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