Insurtech startup QuickFacts raises CA$1.13M in new funding

 Insurtech startup QuickFacts raises CA$1.13M in new funding

Image courtesy: QuickFacts

Halifax-based InsurTech startup QuickFacts has raised CA$1.13 million in pre-seed funding. Female-focused VC firm Sandpiper Ventures led the round. Other notable investors include Killick Capital, Paul Hill, former CEO of Carta Worldwide and Neil Mitchell, ex-MD at Marsh Canada. Women’s Equity Lab Toronto and Vancouver also joined the funding round with Julie McGill, Lori Oliver, and Miriam Mow.

QuickFacts says the funding will help boost its Canada expansion plans. The company will also utilize the funds for the development of new workflows.

We are thrilled to have secured our funding, which will play a crucial role in fueling our expansion plans across Canada and launching workflows. This investment signifies our investors’ confidence and support in QuickFacts’ mission to empower brokers with instant, reliable information.”

Christy Silvestri, President & CEO at QuickFacts

This funding news comes close on the heels of another Canadian insurtech startup, Koios Insurance, raising its CA$6.5M seed round. Overall, the Canadian insurtech sector saw sufficient but not remarkable funding activity last year. The Gallagher Re Global InsurTech Report for Q4 2022 indicates that Canada saw a total of 14 insurtech deals in 2022, including three deals in Q4. In total, more than CA$125 million was invested in insurtech in Canada in 2022.

2022 was also difficult for some global insurtech startups. Vancouver-based insurtech Apollo Insurance laid off 125 people across Canada in November. Lemonade, a US insurtech, saw its share drop significantly. It made a 20% reduction in staff at Metromile after acquiring the pay-per-mile insurer just months earlier. India-based Nova Benefits laid off a third of its team, while UK-based Zego cut 17% of its workforce in 2022 summer.

Against this backdrop, the recent Canadian insurtech funding rounds are a positive movement.

Also read: VC funding in Canada: Decoding the past decade of growth

Insurtech startup QuickFacts transforming industry with software

Christy Silvestri and Jeff Barsalou founded QuickFacts in 2020. During her 17 years of experience as a broker, Silvestri encountered the difficulties of managing a team and handling underwriting inquiries. This experience inspired her to develop the software she wished she had as a broker and manager.

QuickFacts gathers underwriting information from insurance carriers for brokerages. It creates a single searchable database that compares the information of different carriers. The company claims that by using the software, a standard brokerage with 25 users can save CA$140,000 annually, equivalent to two full-time brokers.

The company claims that over 30 brokerages and 800 active brokers utilize QuickFacts’ software.

In the past, QuickFacts has successfully secured funding from Sandpiper. It also won a CA$25,000 grant in April from Propel, the Atlantic Canada-focused virtual accelerator, as reported by Entrevestor. Incidentally, Propel recently received a grant of CA$1.05M from the Nova Scotia government to continue accelerating tech startups in the province. Crunchbase lists the total funding received by QuickFacts to date as US$2.2M.

The company reports that its team has grown from 10 to 16 employees since February. The past funding has boosted its development, insurance, and marketing capabilities, allowing QuickFacts to expand its market presence. QuickFacts recently launched its software in Alberta, marking its first foray into Western Canada.

The company now plans to expand its customer base to other Canadian provinces along with partnerships in the US and the UK market.

Also read: Insurtech startup Quandri raises US$8.5M for growth


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