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Signal Advisors Adds $10M Series A Led By General Catalyst

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Signal Advisors Adds $10M Series A Led By General Catalyst

Detroit-based Signal Advisors, a tech-enabled distributor of annuities and life insurance, announced the closure of a $10 million Series A led by General Catalyst.

What Happened: Signal, through its tech-centric approach, enables smaller, constrained producers better access to advisory tools, alleviating growth concerns in a highly saturated industry where margins are relatively tight.

The company’s core product consists of the following features:

  • TruePay: Payment within 24 hours of electronic submission.
  • Marketing: Comprehensive lead and data management system.
  • 1-Click Reviews: Create client-facing review packets in seconds.
  • Tracking: Check statuses, requirements, and communicate online.

In a vision to further upend the traditional IMO business by eliminating marketers, adding advisor-to-advisor referrals, and investing directly into advisor coaching initiatives, the company closed on a $10 million Series A.

The development comes after the company finalized a $6 million seed round last July, with participation from Detroit Venture Partners, Ludlow Ventures, General Catalyst, Mercury Fund, Annox Capital, SV Angel, among others.

Thus far, the company has raised $16 million in total to build a holistic platform for independent financial advisors.

“We’ve seen a lot of capital investment in technologies that promise to replace financial advisors. But the bigger opportunity, by far, is to build technology that empowers advisors,” says Robert Mylod, managing partner of Annox Capital.

See Also: Rocket Companies Chairman Dan Gilbert Commits $500M To Detroit Neighborhoods

Why It Matters: Signal is committed to innovation and impact.

The company recently added Mylod to its board of directors. Mylod also serves on the boards of Booking Holdings Inc (NASDAQ: BKNG), Vroom Inc (NASDAQ: VRM), Dropbox Inc (NASDAQ: DBX), and Redfin Corporation (NASDAQ: RDFN), in addition to other private companies.

“We started with annuities because advisors simply don't have great options for this technology today,” said Pat Kelly, Co-Founder and CEO of Signal Advisors. “But that's just the beginning. We want to provide independent financial advisors with an integrated platform. Whatever their needs, whatever their clients need, the technology and service can provide a seamless experience.”

 

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Posted-In: Annox Capital Detroit Venture Partners General Catalyst Ludlow Ventures Mercury FundFintech News Financing Best of Benzinga