Toronto-based Foxquilt raises $3.5 million in Seed

Canadian insurance broker Foxquilt announced it has raised $3.5 million in a seed funding round. Founded in 2016, the company is a team of 17 people focused on offering small business, home and auto insurance.

“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.” – Mark Morissette, CEO and co-founder of Foxquilt.

Its full-stack underwriting platform leverages smart data and machine intelligence, to discern the nature of the business, efficiently underwrite its risks and complement it with the right coverages. Their serverless micro-service architecture enables go-to-market speed while being ready to scale as their business grows.

The company’s next step is becoming a full-service insurance provider with a self-serve platform – allowing customers to purchase policies online and amend policy features as their business changes. They will be introducing proprietary small business products in the coming months, as well as new distribution channels – including direct-to-consumer, B2B integrations and open APIs with select partners.

Get a feel for its UI here and for its insurance partners here.