Foxquilt builds, underwrites and distributes a full line of commercial insurance products aimed at small businesses and micro-enterprises. The company uses data analytics and artificial intelligence to recommend coverage and pricing tailored to individual small business customers. It distributes via brokers and agents, affinity partners, and direct-to-consumer channels. Led by CEO Mark Morissette, Foxquilt operates in both the United States and Canada from its Toronto base. The company plans to use new funding to accelerate North American expansion, scale its embedded enterprise capabilities, enhance its technology infrastructure, and broaden its product offerings. The financing activity indicates ongoing investor support as it pursues growth. Founded in 2016 by Mark Morissette and Karim Jamal, Foxquilt offers a B2B insurance platform designed to help businesses obtain the right commercial insurance coverage more efficiently. The company has developed its own architecture and underwriting algorithms to enable online pricing, binding, and issuance. Foxquilt is partnering with an unnamed international reinsurance company as part of plans to become a full-service insurance provider. The startup plans to launch the reinsurance partnership and underwriting platform in the Fall and expects to pursue a Series A in 2022 and a Series B in 2023. The product and platform work builds on earlier alpha and beta testing of the service. Foxquilt is a Canadian startup launched by Mark Morissette and Karim Jamal that aims to change how consumers and small businesses buy home and commercial insurance. Its platform allows customers to join groups with similar needs to secure discounts on premiums, reduce deductibles, and be rewarded at renewal if their claims experience aligns over the prior year. The company says it leverages AI and behavioral science to unite like-minded consumers, simplify access to insurance, and intervene earlier in the buying journey. Foxquilt raised CAD$1.2m in a Seed round led by Extreme Venture Partners. The article does not disclose other investors or operating metrics. The piece characterizes the company as emerging.

Total raised

$16M

Funding rounds

3

Latest round

Equity

Latest activity

Jul 2023