Foxquilt, an InsurTech startup based in Toronto, has closed an $8 million Series A Funding Round to expand its customized insurance solutions for SMBs.
The funding round was led by Luge Capital, bringing the total funding raised by the startup to over $11.5 million. Other firms that participated in the round include AmTrust Financial, Extreme Venture Partners, and Side Door Ventures. David Nault, General Partner of Luge Capital, commented on why the firm chose to participate by stating:
“Of all the solutions we looked at, Foxquilt was by far the best one for SMBs and, given that they design their own insurance products and underwriting process, they can save their customers time, risk and money. We also loved that Foxquilt used a combination of proprietary data, AI and industry insights to properly assess risk and make the right recommendations to business owners.”
Foxquilt aims to provide Small and Midsize Businesses (SMBs) with customized insurance solutions, easing their bureaucratic burden by providing increased transparency and value. This is achieved by allowing businesses to choose the coverage they need instead of going with predefined packages, with several options ranging from general liability to worker’s compensation being available. Mark Morissette, CEO and Co-founder of Foxquilt, said about this mission:
“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. This funding round will propel our growth to reach even more business owners with our customer-centric and individualized approach.”
With an increasing demand for solutions specifically targeted at SMBs, Foxquilt is aiming to become a leading player in the industry. To achieve this purpose, the insurtech startup will be using the new funding to develop new and innovative products as well as to expand its team to provide a better experience.