Apollo Insurance Solutions Ltd., the Toronto-based online insurance company, announced that it has closed an oversubscribed Series A funding round of C $ 13.5 million (US $ 10.6 million), which exceeds the original target of C $ 4 million ( US $ 3.2 million).
Gravitas Securities Inc. led the financing, resulting in a shareholder base with Trisura Group Ltd., an international specialty insurer active in the underwriting, risk termination, corporate and reinsurance segments, and Liberty Mutual Insurance, the sixth largest global property and casualty insurer by gross premium booked in 2019.
Apollo launched in April 2019 and said it offers the largest selection of online insurance in Canada. The money generated by the funding will be used to drive the expansion of the company's insurance offering to become the "go-to store" for small business and personal insurance through thousands of digitally enhanced agents and embedded financial partnerships.
“We've created a completely modern insurance buying experience – digital, instant, and paperless – in tune with everything else in our daily lives,” said Jeff McCann, founder and CEO of Apollo, a managing general agent in Toronto. “Buying insurance the traditional way is a costly and time consuming burden for Canadian small business owners and individuals. Apollo changes that. "
This investment comes after a record 12-month growth for Apollo and the recent appointments of Tracey Swain as Chief Financial Officer and Marco Andolfatto as Chief Underwriting Officer, the company said in a statement.
Swain was CFO for O2E Brands, a privately held company and parent company of 1-800-Got-Junk? Founded in Vancouver, BC. Previously, Swain served as Vice President of Internal Audit for Lululemon and Vice President of Corporate Finance for Adidas. Andolfatto was previously Chief Strategy Officer at Totten Insurance Group and managing director at Premier Insurance Managers, a Canadian wholesale insurance company.
Apollo & # 39; s proprietary technology platform, the Apollo Exchange, conducts insurance operations in real time, uses extensive data and advanced algorithms to create quotes, collect payments, create and deliver policies. Thousands of types of small businesses and individuals can buy online without human intervention. Unlike traditional paper-based processes, Apollo uses extensive data and algorithms to create quotes, collect payments and issue policies for thousands of types of small businesses and individuals without human intervention.
"Apollo & # 39; s in-depth industry knowledge coupled with growing demand for online insurance offerings makes it a very attractive opportunity in the Canadian investment landscape," said Kia Besharat, senior managing director and head of Capital Markets Origination at Gravitas Securities Inc. "Apollo is ready to scale its online insurance offering for small business and personal insurance."
Source: Apollo Insurance Solutions Ltd.
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