Vancouver-based insurtech startup Apollo Insurance Solutions has closed a $13.5 million CAD Series A funding round.
According to the startup, this is $9.5 million over its original $4 million Series A target. The online insurance startup closed the oversubscribed round in December of 2020. Gravitas Securities Inc. led the financing, which is entirely in equity. Trisura Group Ltd. and Liberty Mutual Insurance also participated in the round.
“We’ve created an entirely modern insurance purchasing experience.”
Founded in 2017, Apollo launched its platform APOLLO Exchange in 2019, which transacts insurance business in real time and leverages data and algorithms to quote, collect payment, create and deliver policies. Apollo’s platform was created to help insurance brokers close deals in a timely manner, reduce costs, and increase revenues. The platform offers brokers access to multiple insurance products, covering over 500 classes of business. Apollo claims that using this platform could free up to 45 percent of brokers’ time from administrative tasks.
The company previously closed a $1 million CAD angel round of funding in April of 2019 and is listed on the TSXV as APLO Reserved. In September of 2019, Apollo entered the US market with a liability insurance product for educators in California. The product allows consultants, instructors, and therapists to purchase their mandatory liability coverage that school districts require.
“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 Apollo. “Purchasing insurance the traditional way is a costly and time consuming burden for Canadian small business owners and individuals. Apollo is changing that.”
In November, Apollo appointed Tracey Swain as chief financial officer. Swain was previously the CFO for O2E Brands, the parent company of 1-800-Got-Junk?, and a vice president of internal audit for Lululemon. The company also added Marco Andolfatto as chief underwriting officer, who joined Apollo after serving as chief strategy officer at Totten Insurance Group.
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