Foxquilt, a Toronto-based insurance technology provider, has raised C$3.5 million in a seed-stage financing. The investors were not disclosed. The company previously secured funding from Extreme Venture Partners and angel investors. Founded in 2016, Foxquilt uses data and technology to help small businesses and business networks save on insurance.
TORONTO, July 7, 2020 /CNW/ – Today, Foxquilt, a leading Insurance Technology company, announced it has raised $3.5M in seed funding.
The COVID-19 crisis has illuminated the value of community and accelerated the need for businesses to adopt digital solutions, transcend innovative offerings and empower their customers. Foxquilt is using their recent $3.5M seed round to continue innovating technology and data science that will provide small businesses with tailored insurance at significant savings.
Foxquilt empowers small businesses and B2B networks to save on Business Insurance by leveraging their Insurance-as-a-Service platform and unique underwriting infrastructure. The company has recently partnered with multiple underwriting partners – enabling the company to become a full-service Insurance provider and creator of new products for small businesses.
“Receiving our $3.5M seed round allows us to move forward in transforming our insurance platform to become a full-service provider, so we can continue supporting small business owners through COVID-19 and beyond.” says Mark Morissette, CEO and Co-Founder of Foxquilt. “Our group has hired nine additional team members across all functions in the past sixty days. We are excited to further pursue our mission to become the leading Commercial Insurance Technology company in North America.”
Foxquilt offers simplicity, savings and new insurance products to business owners. Foxquilt’s full-stack underwriting platform leverages smart data and machine intelligence, to discern the nature of the business, efficiently underwrite its risks and complement it with the right coverages. Their serverless micro-service architecture enables go-to-market speed while being ready to scale as their business grows.
The company’s next step is becoming a full-service insurance provider with a self-serve platform – allowing customers to purchase policies online and amend policy features as their business changes. They will be introducing proprietary small business products in the coming months, as well as new distribution channels – including direct-to-consumer, B2B integrations and open APIs with select partners.
About Foxquilt: Foxquilt is a Canadian-based financial technology company using data and technology to empower small businesses and business networks to save on Small Business Insurance. Leveraging their Insurance-as-a-Service platform and creating unique products, Foxquilt makes it easy for customers to buy insurance online and access group purchasing power. Foxquilt customers achieve savings upfront on premiums, reduced deductibles and are rewarded with further savings at renewal. For more information, visit www.foxquilt.com