Foxquilt, a Toronto-based insurtech, 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 continue expansion in the United States and Canada.
Foxquilt’s goal is to ease the burdens faced by small business owners and create a more transparent and valuable way to get business insurance. Instead of providing a ‘one size fits all’ approach typical of most traditional providers, Foxquilt’s platform is designed to allow businesses to choose only the coverage they need and be purchased based on their type of business. business and their specific needs.
Foxquilt’s direct-to-business insurance products include General Liability, Professional Liability, Workers’ Compensation, Cyber Security, and Commercial Automotive, all offered through a policy registration and administration portal. self service.
The company, which is a managing general agent, raised $ 3.5 million in seed funding in July 2020.
“Our goal at Foxquilt has always been to make life easier for small business owners. Whether you are a sole proprietor or part of a corporate network or a larger market, our technology-based product suite is designed to digitize the insurance process and take one thing out of the way. plate too full, ”said Mark Morissette, CEO and co-founder. from Foxquilt. “This funding round will propel our growth to reach even more business owners with our customer-centric and individualized approach.”
Legacy insurance providers frequently offer lines of coverage that let the business owner pay more than they need, or leave them vulnerable without full coverage, Foxquilt said in a statement. The Foxquilt platform leverages AI technology to identify and match business owners with a la carte policies that cover exactly what they need, saving them money year to year. the other.
The funding will allow the team to add dozens of resources to continue developing new and innovative products to stay on the cutting edge of the insurance industry. The company looks forward to launching further expansions in 2021 to further support North American small business owners.
Source: Foxquilt Inc.
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