PolicyMe Raises CAD$18M in Series A Funding


PolicyMe, a Toronto, CA-based digital-first insurance provider, raised CAD$18m in Series A financing.

New investors, RGAX, Securian Financial (U.S. parent company of Canadian Premier Life Insurance Company) and SiriusPoint, joined existing investors, HCS Capital and Westdale Properties, in the raise. A Tier 1 Canadian bank rounds out the $18m equity and debt financing which was raised in a series of tranches over the last year.

The company intends to use the funds to accelerate development of a suite of products that will be distributed via direct-to-consumer and B2B2C channels across large membership and employee groups.

PolicyMe will also be launching its embedded solution later this year with two of Canada’s leading fintechs, ahead of several other launches earmarked for Q1 and Q2 2023.

Founded in 2018 by Andrew Ostro, Laura McKay and Jeff McKay, PolicyMe provides a digital life insurance that makes it easy to get a quote and apply for term life insurance online. Since March 2021, the company has launched additional product and UX features that enable couples to purchase coverage together and receive free life insurance for their children. PolicyMe is set to release a new illness product which will cover over 40 different conditions, surpassing what other major Canadian insurers cover.

The company currently has a headcount of 47.