Chelsea Avondale, a Canadian home insurance group, raised a Series C funding of undisclosed amount.
The round was led by MSD Partners, L.P. and also included American Family Ventures, among others. In conjunction with the completion of the investment round, Dan Bitar, Managing Director and co-head of MSD Growth, has joined the Chelsea Avondale board of directors.
The new funding will be used to support the continued growth of the company’s Canadian homeowners insurance portfolio, which is underwritten through its wholly owned subsidiary, Max Insurance, and distributed through Max’s network of independent brokers. It will also be used to support Chelsea Avondale’s strategic international expansion.
Led by Nilesh Vasani, CEO, Chelsea develops and deploys scientific risk models to underwrite personal property risk with precision and speed. By applying its granular and scientific approach to underwriting, the company is able to provide a efficient quote, bind, and policy administration process for brokers and policyholders.
Max Insurance offers homeowners, tenants, landlords and condo insurance in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario through its network of independent brokers.
FinSMEs
24/05/2023