Toronto insurtech startup Foxquilt has raised a $12 million in Series B financing. The financing spanned two rounds with the initial closing at the end of 2022, led by ICM, and the latter in recent weeks with participation from both existing and new investors.
Founded in 2016, Foxquilt is a leading North American insurance technology company specializing in small business and micro-enterprise markets.
The new funding will fuel Foxquilt’s North American expansion plans, enabling the company to scale its embedded enterprise capabilities, further enhance its technology infrastructure, and broaden its product offerings.
Foxquilt’s success can be attributed to a combination of proprietary technology and insurance products – combined with large-scale growth through B2B enterprise and Broker/Agent distribution channels.
“This investment reinforces the trust our investors have in our embedded insurance technology and its potential to reshape the way insurance is delivered. We are excited about the opportunities ahead and our ability to provide even more expansive insurance solutions to our customers,” explained Mark Morissette, CEO & Co-Founder of Foxquilt.
As the only cross-border platform of its kind, the company uses a combination of data analytics and dynamic underwriting logic to deploy fully automated, multi-operational coverage to meet the needs of both affinity partners’ insurance requirements and associated small business customers.
Embedded insurance technology lies at the core of Foxquilt’s disruptive strategy.
By seamlessly integrating insurance products into various platforms and services, Foxquilt is enabling businesses and communities to provide tailored coverage solutions to their customers and networks with ease.