March 26, 2019 /PE Hub/ –  Toronto-based insurance technology provider Finaeo has raised $5.35 million in a seed-stage financing.

Luge Capital, a Canadian fintech venture capital firm, led the round. It was joined by RGAX, an affiliate of U.S. life reinsurance company RGARising Tide Ventures, Inovia Capital and angels led by AngelList Partner Alex Norman.

Backers of Finaeo’s $2.25 million round two years ago, including Impression Ventures and iGan Partners, also invested.

Founded in 2016 and led by CEO Aly Dhalla, Finaeo offers a digital platform of automated tools and concierge support that allows insurance advisors to shorten the “prospect-to-policy” timeline.

It will use the funds raised for product development, customer acquisition and growth, beginning in the United States.

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