Foxquilt, a Canada-based insurtech startup, recently announced it secured $3.5 million through its seed funding round. Founded in 2016, Foxquilt describes itself as an insurtech company that’s focused on empowering social groups and B2B networks to save on Small Business and Home insurance.
“Our Insurance-as-a-Service platform is complemented by a unique data and machine learning underwriting infrastructure. We create new value opportunities for customers by bringing people and communities together online with a smart and modern approach to insurance. Leveraging innovative technology and creating unique products, we make it easy for customers to buy insurance online from leading carriers and access group purchasing power.”
Speaking about the investment round, Mark Morissette, CEO and Co-Founder of Foxquilt, stated:
“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.”
Foxquilt went on to add that its next step is becoming a full-service insurance provider with a self-serve platform, which will allow customers to purchase policies online and amend policy features as their business changes.