Apollo Insurance Solutions Ltd., the Toronto-based online insurance company, stated it had ended an oversubscribed $13.5 million Series A financing round, which surpassed its earlier $4 million marks. The funding, which led to a shareholder base comprised of Trisura Group Ltd, was led by Gravitas Securities Inc. an international specialty insurance provider operating in the market’s reinsurance segments, Liberty Mutual Insurance, surety, risk solutions, and corporate insurance.
Apollo, which was launched in April 2019, provides the widest choice of online insurance in Canada. The funds collected through the financing will fuel the expansion of the company insurance offerings to become the “everything store” for personal insurance and small business through thousands of digitally heightened agents and embedded finance corporations.
Jeff McCann, founder and CEO of Toronto-based Apollo, said in line with everything else in their daily lives, they had developed a wholly modern insurance buying experience — digital, instant, and paperless. He added that purchasing insurance the traditional way was an expensive and time-consuming problem for Canadian individuals and small business owners. Apollo said in a statement that the investment came after a record 12 months of growth for Apollo, and the latest appointments of Marco Andolfatto as a chief underwriting officer and Tracey Swain as a chief financial officer.
Swain was the CFO for O2E Brands, a privately held and parent company of 1-800-Got-Junk, established in Vancouver, BC.
Earlier, Swain was the vice president of Internal Audit for Lululemon and was vice president of Corporate Finance for Adidas. Moreover, Andolfatto was earlier the chief strategy officer at Totten Insurance Group and managing director at Premier Insurance Managers. The Apollo Exchange transacts insurance business in real-time, Apollo’s branded technology platform, leverages extensive data and sophisticated algorithms to quote, collect a payment, create and provide plans. Many small businesses and individuals can buy online without human intervention.
Apollo clouts extensive data and algorithms to quote, issue policies and collect payment for many small business types and individuals without human intervention, unlike traditional paper-based processes. Kia Besharat, senior managing director and head of Capital Markets Origination at Gravitas Securities Inc., said Apollo’s deep industry knowledge together with increasing demand for online insurance contributions made it a very attractive opportunity in the Canadian investment landscape. Kia added that Apollo was prepared in scaling its online insurance contributions for small business and personal insurance.