Toronto’s PolicyMe has secured $30 million in new funding to accelerate the growth of its digital insurance platform and expand its presence across Canada.
The funding, raised through multiple tranches of equity and debt financing between 2023 and 2025, includes strategic investments from Blue Cross Life Insurance Company of Canada and Securian Canada.
This latest infusion brings PolicyMe’s total funding to $51 million CAD, following a $3.3 million Seed Round in 2020 and an $18 million Series A in 2022. The company, which offers life, critical illness, and now health and dental insurance products, is using the capital to expand its B2B2C model and launch new white-labeled digital solutions.
“We’ve seen tremendous success over the past three years,” said Andrew Ostro, CEO and Co-Founder of PolicyMe. “We’re not just growing—we’re revolutionizing the insurance journey and setting a new standard for a customer-centric experience.”
PolicyMe’s latest offerings address a major gap in the Canadian market: nearly half of Canadians who rely solely on gig work remain underinsured or uninsured. With the launch of its Health & Dental products—issued in partnership with Securian Canada—the company is reaching an underserved segment and has already issued thousands of policies.
Its platform has also powered digital insurance launches for major partners. Blue Cross Life tapped PolicyMe’s white-labeled platform to introduce new direct-to-consumer life and critical illness products. “We’ve simplified what can be a complex process into something Canadians can complete in just minutes,” said Tim Mawhinney, President & CEO of Blue Cross Life.
Securian Canada similarly leveraged PolicyMe’s technology to bring digital health and life insurance to over seven million members of Canada’s largest automobile association. “Together, we’re revolutionizing how Canadians access insurance,” said Securian Canada CEO Nigel Branker.
Since its Series A, PolicyMe has grown rapidly—expanding nationwide, tripling its team to 100 employees, and selling over $10 billion in coverage. Annual premium sales have grown 5.5x.
The company now plans to invest in AI and data infrastructure to enhance underwriting and deliver even more streamlined experiences for customers and partners alike. As it scales, PolicyMe remains focused on closing coverage gaps and making insurance more accessible, transparent, and tailored for Canadians coast to coast.
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