APOLLO Insurance closes $13.5 mn Series A financing round
By Pavithra R
Apollo Insurance Solutions, Canada’s leading online insurance company, has announced closing an oversubscribed $13.5 mn Series A funding round, far exceeding its original $4 mn target.
The investment round was led by Gravitas Securities Inc. which resulted in a strong and diverse shareholder base that included Trisura Group, an international specialty insurance provider operating in the surety, corporate insurance, risk solutions, and reinsurance segments of the market, and Liberty Mutual Insurance, a Fortune 100 company that is the 6th-largest global property and casualty insurer based on 2019 gross written premium.
“We’ve created an entirely modern insurance purchasing experience — digital, instant, and paperless — in line with everything else in our daily lives. Purchasing insurance the traditional way is a costly and time-consuming burden for Canadian small business owners and individuals. APOLLO is changing that,” said Jeff McCann, Founder and CEO of APOLLO.
The Insurtech is planning to use the finance to fuel its rapid expansion of insurance offerings to become the “everything store” for SMBs and personal insurance. Launched in April 2019, APOLLO now offers the largest selection of online insurance in Canada. Its proprietary technology platform, the APOLLO Exchange, transacts insurance business in real-time, leverages extensive data and complex algorithms to quote, collect payment, create and deliver policies. Through thousands of digitally enhanced agents and embedded finance partnerships, the InsurTech is redefining the distribution of insurance.
“Jeff is an incredible entrepreneur and leads an extraordinary team. Since inception, the company has reached and exceeded each milestone we set out to achieve over the past three years. I’m excited for the incredible growth ahead for APOLLO, and the insurtech industry,” said Drew Green, Co-Founder and Chairman of the APOLLO Board of Directors.
“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. APOLLO is ready to scale its online insurance offerings for small business and personal insurance,” said Kia Besharat, Senior Managing Director & Head of Capital Markets Origination at Gravitas Securities Inc.
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