Finaeo, an end-to-end insurance digital platform, has raked in $5.3m in a funding round led by FinTech-focused venture firm Luge Capital.
Other contributions to the round came from RGAX, which is the transformation unit of global insurer RGA, Rising Tide Fund, and inovia capital. There was also a large angel syndicate to take part in the round, led by AngelList Partner, Alex Norman.
This funding round had follow-on participation from all of Finaeo’s major investors, which includes Impression Ventures and iGan Partners.
Following the close of the round, the company will look to further the development of its product, boost customer acquisition and increase geographical expansion, with the US its first target.
Canada-based Finaeo aims to connect the life insurance industry through a digital network of insurance carriers from around the world. Its front-end platform enables insurance advisors to sell personalised insurance products to customers across the country.
With back-end connectivity, insurance carriers will be able to offer real-time application submission, adjudication and application status. In addition to this, companies can create dynamic underwriting and automate their legacy systems, it claims.
Luge Capital general partner Karim Gillani said, “The life insurance industry has been very slow to evolve. Finaeo’s mission is to build the plumbing that digitizes the insurance industry for both advisor-assisted and self-serve experiences. They’re building Amazon for insurance products, and the Finaeo team has the right pedigree to orchestrate that mission.”
The InsurTech previously raised $2.25m in its seed round in 2017, which was supported by Impression Ventures.
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