Vancouver’s APOLLO Insurance has closed an oversubscribed $13.5 million Series A financing round.
Launched in April 2019, APOLLO is redefining the distribution of insurance and now offers the largest selection of online insurance in Canada through thousands of digitally enhanced agents and embedded finance partnerships.
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, all without human intervention.
The new funds will be used to fuel APOLLO’s rapid expansion of insurance offerings to become the “everything store” for small business and personal insurance.
“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.”
The 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.
“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,” said Drew Green, Co-Founder and Chairman of the APOLLO Board of Directors. “I’m excited for the incredible growth ahead for APOLLO, and the insurtech industry.”
Gravitas Securities led the financing which resulted in a strong and diverse shareholder base that included Trisura Group, an international specialty insurance provider operating in the surety, risk solutions, corporate insurance and reinsurance segments of the market, and Liberty Mutual Insurance, a Fortune 100 company that is the sixth largest global property and casualty insurer.
“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 at Gravitas Securities. “APOLLO is ready to scale its online insurance offerings for small business and personal insurance.”