Foxquilt Secures Seed Round Led by Extreme Venture Partners

Canadian startup Foxquilt announced it has raised CAD$1.2m in a Seed round led by Extreme Venture Partners.

Launched by Mark Morissette and Karim Jamal, Foxquilt will allow consumers and small businesses to join groups with similar needs to achieve a discount off their premium, reduce their deductibles and be rewarded at renewal should their claims experience be in line during the past year.

“Today, we join communities to save across a number of industries – so why not Home and Commercial Insurance. We were determined to build a sharing platform leveraging AI and behavioral science to help unite like-minded consumers to save money while eliminating the pain of accessing the product. We go downstream to help the customer before they’ve even started their buying journey. With Foxquilt, consumers will be able to easily access the power of their communities to reduce their premiums and deductibles .” – CEO and Founder, Foxquilt, Mark Morissette.

“Insurance is ripe for digital transformation and we’re thrilled to support the incredible team at Foxquilt as they innovate the way consumers buy insurance. We believe strongly that there is a need for this kind of technology disruption to decentralize a massive, traditional market. We’re excited to start seeing the positive effects that greater purchasing power will have for more affordable and convenient insurance.” – Founder and CEO, Extreme Venture Partners, Ray Sharma.

Bottom Line: emerging.