PolicyMe, a Canadian digital life insurance provider, announced the raise of CAD 18 million (USD 13.5 million) in Series A funding completed in tranches over the last year, which consisted of both equity and debt financing. The round saw participation from new investors such as RGAX, Securian Financial, and SiriusPoint, as well as existing investors HCS Capital and Wetdate Properties.

The company aims to use the fresh funds to accelerate the development of its product portfolio, which will be distributed via D2C and B2B2C channels. It also aims to launch its embedded solution later this year.

Formed in 2018, PolicyMe reported it had sold over CAD 5 million (USD 3.7 million) in life insurance coverage as of 2021, with 84% of customers being able to obtain policies without having to complete a medical exam.