Canada-based InsurTech platform Foxquilt has closed its seed round on $3.5m, which will be used to enhance its technology and data science.
The InsurTech company helps small businesses and B2B networks to save business insurance. Its underwriting platform leverages smart data and machine intelligence to better understand a business so it can efficiently underwrite risks and give it the best coverage.
Businesses in the retail, manufacturing, healthcare, media and other industries can use Foxquilt to find insurance policies. Cover available includes commercial property, crime, cyber liability, professional and management liability, builders risk, and more.
Foxquilt recently partnered with underwriters to help it become a full-service insurance provider.
In the near future, the company will enable customers to purchase policies online and amend policy features as their business changes. They will also introduce additional small business products in the coming months and new distribution channels, including direct-to-customer, B2B integrations and open APIs.
Foxquilt CEO and co-founder Mark Morissette said, “Receiving our $3.5M seed round allows us to move forward in transforming our insurance platform to become a full-service provider, so we can continue supporting small business owners through COVID-19 and beyond.
“Our group has hired nine additional team members across all functions in the past sixty days. We are excited to further pursue our mission to become the leading Commercial Insurance Technology company in North America.”
The InsurTech recently expanded its reach in Canada, launching operations in Alberta and British Colombia back in February.
Foxquilt previously secured CAD $1.2m ($915,500) in a seed round of funding in 2018.
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