Foxquilt, a Toronto-based insurance financial technology provider, has raised $1.2 million in a seed-stage financing.
The round was led by Canadian early-stage venture capital firm Extreme Venture Partners.
Foxquilt was launched in 2016 by CEO Mark Morissette and Karim Jamal, both formerly with Real Matters and Aviva Canada.
The company’s platform uses big data and machine learning to help social groups save on home, small business and auto insurance.
Foxquilt will use the funds raised to develop its technology and grow through sales and marketing and customer acquisition in Ontario.
Foxquilt Secures Seed Investment Led by Extreme Venture Partners
TORONTO, October 18, 2018 – Foxquilt, a growing insurance financial technology company leveraging big data and AI to change the insurance landscape, today announced that the company has successfully raised CAD$1.2 million in a seed round of investment, led by Extreme Venture Partners.
Launched by Mark Morissette and Karim Jamal, industry veterans with deep experience from Real Matters and Aviva, Foxquilt empowers consumers and small businesses with the ability 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,” said Mark Morissette, CEO and Founder, Foxquilt. “We were determined to build a sharing platform leveraging AI and behavioural science to help unite likeminded 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.”
“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,” said Ray Sharma, Founder and CEO, Extreme Venture Partners. “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.”
The investment is intended to support Foxquilt’s technology innovation and accelerate its growth through expansion of sales and marketing as they scale their customer base starting in Ontario.
About Foxquilt Inc.
Foxquilt is a Canadian financial technology company focused on using big data and machine learning to empower social groups to save on Home, Small Business and Auto insurance. We create new value opportunities for customers by bringing people and communities together online with a smart and modern approach to insurance. Leveraging innovative technology and creating unique products, we make it easy for customers to buy insurance online from leading carriers and access group purchasing power. Foxquilt customers achieve savings upfront on premiums, reduced deductibles and are rewarded with further savings at renewal.
For more information, please visit www.foxquilt.com or join our Foxquilt community at www.facebook.com/foxquiltden.
For more information:
Sarah Coombs 416-729-8550