A Canadian startup helping customers shop for insurance online today announced a $3.5 million seed round of investment.
The oversubscribed round of investment into Montreal’s YouSet builds on the insurtech’s pre-seed round of $2.1 million in 2022.
The seed-stage investment hails from a range of angel investors, according to a statement from YouSet, including multiple investors from the original round.
Alongside the fundraising, the Canadian fintech also unveiled the release of a new product that allows users to bundle home and auto policies from different insurers to unlock lower prices.
“If YouSet’s growth to date has taught us anything, it’s that Canadians are very eager to find better home and auto insurance at a lower cost,” stated cofounder Xavier Freeman, who serves his startup as chief executive. “We’re dedicated to making it a reality.”
YouSet was founded to save Canadians time and money when shopping for insurance, Freeman says. Users compare rates from different insurers to save time and get the best rate.
Moving forward, users can also bundle home and auto insurance from different providers to unlock an extra 15% in savings.
“In today’s environment, most people are looking to cut their costs without compromising on quality,” said Freeman. “We make it easy for users to find the right policy and reduce their insurance bill, online and in minutes.”
The funding announced allows YouSet to accelerate its growth strategy, the CEO added, with an aim to increase sales through the company’s network of distribution partners, which currently exceeds 50.
Part of the investment will be used to expand the company’s team, as YouSet is looking to fill “multiple roles” to grow its team of 20 employees.
“Insurtech is changing the way people shop for insurance around the world,” believes Joe Canavan, an early investor in YouSet. “I’m excited to see how innovative companies like YouSet can revolutionize the industry right here in Canada.”
YouSet was founded in 2017.
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