Canadian insurance coverage know-how firm Foxquilt has secured $12m in a Sequence B funding spherical to speed up its enterprise progress.
The funding was divided into two rounds. The primary spherical was headed by ICM and closed on the finish of final 12 months.
The following spherical acquired participation from each current and new traders, the corporate stated.
Foxquilt CEO and co-founder Mark Morissette stated: “This funding reinforces the belief our traders have in our embedded insurance coverage know-how and its potential to reshape the way in which insurance coverage is delivered.
“We’re excited in regards to the alternatives forward and our capacity to offer much more expansive insurance coverage options to our prospects.”
Specialising in small enterprise and micro-enterprise markets, the corporate plans to make use of the capital to increase its embedded enterprise capabilities and expedite North American growth plans.
Proceeds will even be used to additional develop its know-how basis and widen its product choices.
Foxquilt famous that the newest funds will even facilitate the event of improved knowledge analytics expertise, aiding the corporate to achieve higher perception into the shopper necessities and improve its insurance coverage merchandise for varied markets.
Established in 2016, the corporate develops, underwrites and provides a complete industrial insurance coverage product line within the US and Canada.
Merging knowledge analytics and synthetic intelligence (AI), Foxquilt aids in suggesting the perfect insurance coverage protection and worth primarily based on the necessities of small enterprise shoppers.
The corporate gives such suggestions on to shoppers or by means of brokers and affinity companions.
