Apollo Insurance Solutions Ltd., the Toronto-based online insurance company, announced it has closed an oversubscribed C$13.5 million (US$10.6 million) Series A financing round, which exceeded its original C$4 million (US$3.2 million) target.
Gravitas Securities Inc. led the financing which resulted in a shareholder base that included Trisura Group Ltd., an international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market, and Liberty Mutual Insurance, the sixth largest global property and casualty insurer based on 2019 gross written premium.
Launched in April 2019, Apollo said it offers the largest selection of online insurance in Canada. The funds generated through the financing will be used to fuel the company’s expansion of insurance offerings to become the “everything store” for small business and personal insurance via thousands of digitally enhanced agents and embedded finance partnerships.
“We’ve created an entirely modern insurance purchasing experience — digital, instant, and paperless — in line with everything else in our daily lives,” said Jeff McCann, founder and CEO of Toronto-based Apollo, which is a managing general agent. “Purchasing insurance the traditional way is a costly and time consuming burden for Canadian small business owners and individuals. Apollo is changing that.”
This investment comes after a record 12 months of growth for Apollo, and the recent appointments of Tracey Swain as chief financial officer and Marco Andolfatto as chief underwriting officer, said the company in a statement.
Swain served as CFO for O2E Brands, a privately held and parent company of 1-800-Got-Junk?, founded in Vancouver, BC. Previously, Swain served as vice president of Internal Audit for Lululemon and was 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’s proprietary technology platform, the Apollo Exchange, transacts insurance business in real time, leverages extensive data and sophisticated algorithms to quote, collect payment, create and deliver policies. Thousands of types of small businesses and individuals are able to buy online without human intervention. Unlike traditional paper-based processes, Apollo leverages extensive data and algorithms to quote, collect payment and issue policies for thousands of types of small business and individuals without human intervention.
“Apollo’s deep industry knowledge coupled with a 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 offerings for small business and personal insurance.”
Source: Apollo Insurance Solutions Ltd.
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