TORONTO, Dec. 22, 2017 /PRNewswire/ -- FindBob (https://www.findbob.io) announced today that its seed round is closed at over $1.25 million USD. Grinnell Mutual led the investment. Other investors included MaRS Investment Accelerator Fund and Ames Seed Capital, with follow-on investment from the Global Insurance Accelerator and Canadian and U.S.-based angels. The capital will allow FindBob to grow its sales and marketing teams, expand into additional U.S. markets and execute on its multi-generational product roadmap.
FindBob champions better transition behavior among financial professionals and their firms in order to perpetuate and protect their most precious asset: their book of business. By allowing company principals to take control of their futures on a secure digital channel, FindBob helps them safely discover opportunities to buy, sell, merge, partner or address succession and to be confident in their plan for the business they worked so hard for.
"We have an incredible opportunity to make a meaningful impact on one of the industry's biggest threats which is the lack of continuity within financial services," said Roland Chan, FindBob founder and CEO. "Insurance and financial advice matter, and by aligning the interests of advisors, agents and their companies through the effective use of digital transition management platforms, we're helping orchestrate growth and perpetuation like never before."
Delivered via a robust enterprise platform, FindBob supports some of Canada's largest life insurance and mutual fund distributors' goal to transition practices. "We're much more than just a marketplace," said Chan. "Our enterprise platform leverages data to identify and develop talent necessary to improve organizational strength. So, while firms focus on today's business goals they can rely on us to provide visibility into their producers' transition needs and offer them tools to support future growth."
"There is a large market for transition assistance in many personal services industries," said Dave Wingert, Grinnell Mutual executive vice president, chief operating officer and acting president. "Because of an impending generational shift of wealth coming — the largest ever — providing business and transition advice and networking opportunities to those personal service businesses will fill a critical need and help them stay viable. Grinnell Mutual is excited to have the chance to support that kind of initiative in a rapidly expanding market."
The average age of the North American independent producer is 59 years old, with over $2.5 trillion in AUM (Assets Under Management) controlled by producers in their sixties. Eighty percent don't have transition plans and no next-generation talent to take the reins.
"We have a responsibility to uphold the promise to consumers that we're building practices of endurance that will survive their principal's career and be there when the consumer's business or family needs them most," says Chan. "FindBob is the innovation that allows firms and advisors to collaborate to ensure continuity and growth in an industry that we love so dearly."
FindBob is the leading provider of transition management platforms for the financial services industry; it supports the financial industry and consumers by ensuring practice owners solidify their promise to build practices with continuity plans for long-term stability for their clients while providing opportunities for growth, mergers or partnership.
About Grinnell Mutual Reinsurance
Grinnell Mutual, in business since 1909, is the 109th-largest property casualty insurance company in the United States and the largest primary reinsurer of farm mutual companies in North America. Its products are available in 15 states. Since 1976, Grinnell Mutual has been rated A (Excellent) or higher by A.M. Best Company and is one of 10 Iowa companies to earn a Top Workplace award every year since the honor was created in 2010.
About MaRS IAF
MaRS works with an extensive network of partners to help entrepreneurs launch and grow the innovative companies that are building the future. The MaRS community fosters cross-disciplinary collaboration to drive breakthrough discoveries and new solutions to be adopted in Canada and beyond, growing our economy and delivering societal impact at scale.