Toronto-based InsurTech firm Foxquilt, has secured US$12 million for growth & expansion, in a funding spanning two rounds. The round was led by ICM, with participation from both existing and new investors.
Established in 2016, Foxquilt uses artificial intelligence and machine learning to automate the insurance quoting and underwriting process. The company says that this allows it to provide small businesses with faster, more affordable insurance quotes. Foxquilt also offers a variety of insurance products that are tailored to the specific needs of small businesses.
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.”
Mark Morissette, CEO & Co-founder, Foxquilt
Also read: Insurtech startup Quandri raises US$8.5M for growth
Fueling Insurtech firm Foxquilt expansion plans
Foxquilt is making use of cutting-edge technology, data analytics, and client focus. The company claims to be a major force in the insurance industry’s transformation, and it projects profitability by the end of 2023, signalling ongoing expansion.
The company plans to use the fresh funding accelerate Foxquilt’s expansion plans in North America. Additionally, it plans to expand its workforce, develop new products, and enter new markets.
According to crunchbase, Foxquilt has raised a total of US.5 million over 4 rounds. It had raised a US$1.2 million in 2018, a US$3.5 million in 2020, and a US$8 million in Series A round in 2021.
The investment announcement comes as digital disruptors are putting greater pressure on the insurance business. One of the many startups utilising technology to upend the insurance market is Foxquilt. Sure, Policygenius, and Layr are further businesses in this industry. These businesses provide a range of insurance products that are catered to customers’ individual needs, and they use technology to automate the insurance quote and underwriting process.
ICM, which led investment in the current round is a Toronto-based venture capital firm that invests in early-stage technology companies. Extreme Venture Partners, a participant in the round is a San Francisco-based venture capital firm that invests in insurance technology companies.
Also read: Insurtech startup QuickFacts raises CA$1.13M in new funding
