Finaeo has raised a $2.25 million seed round to support development of its CRM platform for financial advisors.
The round was led by Impression Ventures, with participation from 500 Startups, Robo Ventures, and iGan partners.
Finaeo’s platform includes a digital assistant that helps with administrative tasks like booking meetings, and reduces the need for manual paperwork. It also offers a “sales coach” informing advisors of upsell and cross-sell opportunities. The company’s focus is on the group benefits and individual/voluntary insurance market.
The Toronto-based company — which launched its beta in February 2017 — plans to use the funding to bring on the engineering talent required for the platform’s development.
“The investment enables us to pursue an opportunity to resolve a disconnect in the industry,” said Aly Dhalla, CEO and co-founder. “We believe the future of insurance advisors is the hybrid ‘bionic’ advisor: blending robo-advice, AI capabilities, and the necessary human touch. Insurance advisors are here to stay, but they will need to evolve to stay relevant.”
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