Toronto-based digital broker Foxquilt has raised $8 million in a Series A financing round led by Luge Capital with participation from AmTrust Financial, Extreme Venture Partners and Side Door Ventures. The new capital will be used to support talent acquisition, product development, and to further expand across the US and Canada. To date, the company raised $11.5 million.
Founded in 2016, Foxquilt is on a mission to ease the burdens faced by small business owners and create a more transparent and valuable means for securing commercial insurance. Foxquilt’s platform is designed to allow businesses to choose only the coverage they need and be underwritten based on their specific business type and requirements. Their direct to business insurance products include general liability, professional liability, workers’ compensation, cyber, and commercial automobile, 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. This funding round will propel our growth to reach even more business owners with our customer-centric and individualized approach.” – Mark Morissette, CEO and Co-founder of Foxquilt.