Breathe Life, an end-to-end solution for life insurers, has received $11.5m in a funding round comprised of equity funding, debt financing and a grant.
Of the fresh capital, the InsurTech raised $6.5m in Series A funding from Real Ventures, Investissement Québec, Clocktower Technology Ventures, Cameron Ventures, Desjardins, NAventures, and Diagram Ventures.
Real Ventures & Investissement Québec acted as the co-lead investors.
National Bank of Canada’s Technology and Innovation Banking Group supplied Breathe Life with $4.2m in debt financing. The remaining $800,000 of the round was raised through various government grants.
The InsurTech said it raised the capital to help it meet the rising need for digital distribution within the insurance space.
Capital from the round will help the company to hire more staff across its engineering, client office, and product teams.
Canada-based Breathe Life enables life and health carriers, distribution organisations, and advisors to find and convert new customers with digital solutions. Its platform lets consumers buy products from their own home, while financial advisors are able to reach out and engage with new audiences in an easier fashion.
Carriers and MGAs can utilise Breathe Life to digitise their life insurance processes, marketing insights and broker sales. Analytical insights are also available, providing reports, statistics and dashboards to help them better understand their sales, product strengths and new product opportunities.
The company previously raised CAD 4.5m ($3.4m) in its seed round last year.
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