Canada-based APOLLO Insurance has closed an oversubscribed Series A round on $13.5m, storming past its initial $4m target.
Gravitas Securities served as the lead investor, with contributions also coming from international specialty insurance provider Trisura Group and property and casualty insurer Liberty Mutual Insurance.
With the close of the round, the company plans to continue its rapid expansion of insurance offerings to help it become the “everything store” for small business and personal insurance.
Launched in 2019, the company claims to offer the largest selection of online insurance in Canada. APOLLO’s flagship product, the APOLLO Exchange, transacts insurance business in real-time, leverages extensive data and algorithms to quote, collect payment, create and deliver policies.
The capital injection comes after a strong year of growth for the InsurTech, it claims.
APOLLO founder and CEO Jeff McCann said, “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.”
Late last year, Canada-based FinTech platform Neo Financial netted $39.3m in a round made of debt and equity. The company offers a mobile app to help consumers get easier access to spending, saving and rewards.
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