Insurance Supermarket International (ISI), a digital life insurance provider in Canada, has closed a $100m minority investment from funds managed by Gallatin Point Capital.
ISI established its digital distribution and administration platform in 2015, the deal is its first institutional equity round since the launch.
Following the investment, Matt Botein, GPC’s co-founder and managing director, will be appointed to the ISI board of directors.
ISI will use the revenues for its expansion of its life insurance business across North America. And to expand its technology-driven platform offerings and distribution networks
Alex Dudarev, ISI founder and CEO, said, “Our main objective when we started this process with RBC was to find the right partner. Gallatin Point’s knowledge of the sector and the alignment of our vision for the future of the insurance industry allows us to touch and improve more lives and to help the life insurance industry transition to the digital age.”
Afficiency, an InsurTech aiming to transform the end-to-end life insurance buying process, raised $7m in Series A funding earlier this year.
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