Foxquilt has raised a CA$8 million (around US$6.33 million) Series A financing round – with the new capital going towards the insurtech’s talent acquisition, product development, and expansion efforts in both the US and Canada.
The financing round was led by Luge Capital. Other participants included insurer AmTrust Financial, Extreme Venture Partners and Side Door Ventures.
Foxquilt utilizes a combination of data analytics and artificial intelligence to recommend the most appropriate commercial insurance coverage for small business owners. In contrast to the “one-size-fits-all” approach of legacy insurance providers, Foxquilt aims to provide businesses with the freedom to select only the coverage they need.
The insurtech’s direct to business insurance products include general liability, professional liability, workers' compensation, cyber, and commercial automobile, which are all offered through a self-service sign-up and policy admin portal.
"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," said Foxquilt co-founder and CEO Mark Morisette. "This funding round will propel our growth to reach even more business owners with our customer-centric and individualized approach."
Foxquilt noted that the funding will allow it to add dozens of resources to continue the development of new products. The insurtech also said that it looks forward to launching additional expansions in 2021 to further support small business owners in North America.