APOLLO Insurance operates a digital insurance platform that integrates insurance products into property-management, proptech, and broker workflows. The company recently launched FinShore, a buy-now-pay-later subsidiary that provides fully embedded monthly payment options for insured customers, targeting renters. FinShore is positioned to support APOLLO's network of insurance broker partners who transact on the APOLLO platform. APOLLO says FinShore will serve more than 100,000 Canadians and expand its embedded finance offerings. Notable commercial partners named in the articles include QuadReal, InterRent, and Yardi Systems. The company is based in Vancouver, British Columbia, and is reported to have 51–200 employees. The articles report a recent C$18.5M financing led by Fair Capital Partners and Innovation Federal Credit Union, and list total raised as $13.57M. APOLLO operates a proprietary all-digital insurance platform that enables broker partners and customers to quote, pay for, and immediately issue policies without human intervention. The platform leverages extensive data and intelligent algorithms to underwrite thousands of types of policies for small businesses and individuals and serves all Canadian provinces except Québec. APOLLO has a distribution network of more than 6,000 independent Canadian brokers and over 150 group partners and maintains underwriting relationships with Lloyd’s of London, Trisura Guarantee, and Liberty Mutual. Launched in 2019, the company has raised prior financing, including a Series A of CAD $13.5 million in January 2021 led by Gravitas Securities. The announced Series B strategic financing with Definity Financial is intended to accelerate APOLLO’s online insurance platform and broaden its commercial coverage offerings through a distribution partnership. RBC Capital Markets and law firm Blake, Cassels & Graydon advised APOLLO on the transaction. Apollo Insurance Solutions, founded in 2017 and based in Vancouver, launched its APOLLO Exchange platform in 2019 to transact insurance business in real time. The platform leverages data and algorithms to quote, collect payment, create and deliver policies and gives brokers access to multiple insurance products across more than 500 classes of business. Apollo says the platform can free up to 45 percent of brokers' time from administrative tasks and was built to help brokers close deals faster, reduce costs, and increase revenues. The company expanded into the U.S. in September 2019 with a liability insurance product for educators in California. Apollo closed an oversubscribed CAD $13.5 million Series A in December 2020—CAD $9.5 million over its original CAD $4 million target—with the round conducted entirely in equity. Gravitas Securities Inc. led the financing, and Trisura Group Ltd. and Liberty Mutual Insurance participated. The company previously raised a CAD $1 million angel round in April 2019 and is listed on the TSXV as APLO Reserved. In November the company appointed Tracey Swain as CFO and added Marco Andolfatto as chief underwriting officer. Apollo Insurance Solutions operates the Apollo Exchange, an e-commerce marketplace that enables brokers and small-business clients in Canada to instantly quote, purchase, and issue insurance products online. In June 2019 the company launched an industry-first monthly small-business insurance subscription available through the platform. Apollo digitizes the application, quoting, payment and policy-issuance process, reducing a typical six-week workflow to under five minutes and freeing up to 45% of brokers' administrative time. Since completing beta on April 1, 2019, the marketplace has attracted over 300 registered individual broker users, transacted 800 small-business policies, and processed more than 3,600 digital insurance applications. Headquartered in Vancouver's Gastown and led by co-founder and CEO Jeff McCann, the leadership team includes co-founders David Dyck (Editor in Chief) and Justin Hamade (CTO) and Head of Broker Engagement Margo Lyons. The platform provides access to multiple insurance providers across over 500 classes of business and is positioned to streamline broker workflows and improve small-business access to coverage.

Total raised

$25M

Funding rounds

4

Latest round

Equity

Latest activity

May 2024