Toronto’s Foxquilt has raised a $3.5 million seed round.
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 startup was named on of Insurance Business Magazine’s Top 10 Insurtech Companies in Canada and recently partnered with multiple underwriting partners – enabling the company to become a full-service Insurance provider and creator of new products for small businesses.
Foxquilt will use the funds to continue innovating technology and data science that will provide small businesses with tailored insurance at significant savings.
“Receiving our $3.5 million 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,” commented 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.”
Next up for Foxquilt 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.