Canadian insurtech Finaeo raises $5.35 million in latest funding round

Finaeo, a Toronto-based start-up, has raised $5.35 million in seed funding. The latest funding round was led by Luge Capital, followed by RGAX, Rising Tide Fund, Inovia Capital, and AngelList partner Alex Norman. The round also saw follow-on investments from Impression Ventures and iGan Partners. Finaeo develops front-end software for insurance advisors, which automates tasks such as filing applications. The platform also provides real-time application submissions, adjudication, and updates on the application status of insurance claims. The insurtech is currently focusing its software on the group benefits and the individual, voluntary insurance market. Company co-founder and CEO Aly Dhalla told BetaKit that Finaeo’s mission is to reduce friction in the insurance industry – by creating easy ways for the policyholder, the agent, and the insurance companies to connect