APOLLO raises $13.5 million in Series A
Canadian online insurance company Apollo Insurance Solutions announced that it has closed a $13.5 million Series A financing round led by Gravitas Securities. Other investors 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.
Launched in April 2019, APOLLO now offers the largest selection of online insurance in Canada. The funds generated through the financing will be used to fuel APOLLO’s 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. Purchasing insurance the traditional way is a costly and time consuming burden for Canadian small business owners and individuals. APOLLO is changing that.” – Jeff McCann, Founder and CEO of APOLLO.
“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. I’m excited for the incredible growth ahead for APOLLO, and the insurtech industry.” – Drew Green, Co-Founder and Chairman of the APOLLO Board of Directors.
APOLLO’s 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. Thousands of types of small businesses and individuals are able to buy online without human intervention.
“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. APOLLO is ready to scale its online insurance offerings for small business and personal insurance.” – Kia Besharat, Senior Managing Director & Head of Capital Markets Origination at Gravitas Securities Inc.