Toronto-based Foxquilt, a technology startup that provides customized insurance products to small businesses, has raised C$8 million in financing. Luge Capital led the round, with participation from AmTrust Financial, Extreme Venture Partners and Side Door Ventures. The funds raised will support Foxquilt’s talent acquisition, product development and further North American growth.
Foxquilt Announces $8M Series A Round to Provide Customized Insurance for SMBs
TORONTO, Sept. 16, 2021 /PRNewswire/ – Foxquilt, a North American insurtech company focused on empowering small business owners with customized insurance products, today announced it has raised an $8 million financing round led by Luge Capital with participation from AmTrust Financial, Extreme Venture Partners and Side Door Ventures. The new capital will be used to support talent acquisition, product development, and to further expand across the U.S. and Canada.
Foxquilt’s driving mission is to ease the burdens faced by small business owners and create a more transparent and valuable means for securing commercial insurance. As opposed to providing a “one-size-fits-all” approach that is typical of most legacy providers, Foxquilt’s platform is designed to allow businesses to choose only the coverage they need and be underwritten based on their specific business type and requirements. Their direct to business insurance products include general liability, professional liability, workers’ compensation, cyber, and commercial automobile, all offered through a convenient self-service sign-up and policy admin portal.
“Our goal at Foxquilt has always been to make life easier for small business owners. Whether you’re a sole proprietor or part of a larger enterprise network or marketplace, our technology-powered suite of products is made to digitize the insurance process and take one thing off an overfilled plate,” said Mark Morissette, CEO and Co-founder of Foxquilt. “This funding round will propel our growth to reach even more business owners with our customer-centric and individualized approach.”
Often, legacy insurance providers offer coverage ranges that either leave the business owner paying for more than they need, or leaving them vulnerable without full coverage. The Foxquilt platform harnesses AI technology to identify and match business owners to the à la carte policies that cover exactly what is needed, saving them money year-over-year.
“Of all the solutions we looked at, Foxquilt was by far the best one for SMBs and, given that they design their own insurance products and underwriting process, they can save their customers time, risk and money,” said David Nault, General Partner of Luge Capital. “We also loved that Foxquilt used a combination of proprietary data, AI and industry insights to properly assess risk and make the right recommendations to business owners.”
The funding will enable the team to add dozens of resources to continue the development of new and innovative products to remain on the cutting edge of the insurtech industry. The company looks forward to launching additional expansions in 2021 to further support North American small business owners. For more information on the company please visit https://www.foxquilt.com
Foxquilt is a leading North American Insurance technology company focused on providing small businesses insurance. Foxquilt develops, underwrites and distributes a complete line of its own commercial insurance products in the United States and Canada. The company uses a combination of data analytics and artificial intelligence to recommend the best insurance coverage and price to meet the individual needs of its small business customers. For more information, visit https://www.foxquilt.com.