Foxquilt, a Toronto-based InsurTech, has raised an $8 million financing round that will support talent acquisition, product development, and further expansion across the U.S. and Canada.
Luge Capital led the funding, along with participation from AmTrust Financial, Extreme Venture Partners and Side Door Ventures.
Foxquilt’s focus 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.
Foxquilt’s direct to business insurance products include general liability, professional liability, workers’ compensation, cyber, and commercial automobile, all offered through a self-service sign-up and policy admin portal.
The company, which is a managing general agent, raised $3.5 million in seed financing in July 2020.
“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.”
Legacy insurance providers frequently offer coverage ranges that either leave the business owner paying for more than they need, or leaving them vulnerable without full coverage, explained Foxquilt in a statement. 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.
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.
Source: Foxquilt Inc.