North American embedded insurance startup Foxquilt bags $12m

Foxquilt, a Toronto-based startup whose technology enables the move towards embedded insurance, has bagged itself US$12m in funding

North American insurtech Foxquilt has raised US$12m in Series B funding across two separate closes led by investment firm ICM.

Founded in 2016, Foxquilt combines proprietary insurance products and technology with data analytics and dynamic underwriting logic to provide fully automated and multi-operational coverage to meet the needs of small and micro businesses.

It’s one of a host of companies targeting that traditionally overlooked and underserved segment of the marketplace, which, in a recent interview with us at Money20/20 Europe, Mastercard’s Global Head of Small and Medium Enterprises said were facing “several needs that cut across all geographies and types of business”.

In June, small business insurtech Insify raised over US$10m in funding of its own to chase after the SME and freelancer segment.

Foxquilt’s “substantial investment” will be used by the Toronto-based insurtech startup to fuel its North American expansion plans, enabling the firm to scale its embedded enterprise capabilities and further enhance its technology infrastructure. It will also invest in extra data analytics capabilities, which will give Foxquilt greater insight into the insurance needs faced by its customers in different jurisdictions.

Foxquilt calls Series B investment a vote of confidence

The company is optimistic that it’s “well-positioned” for continued growth during the rest of this year, and expects to reach coveted profitable status before 2024.

In a statement, the business says that the investment “underscores the confidence in Foxquilt’s innovative approach to insurance and its potential to transform the industry landscape”. At the heart of this is embedded insurance – one of the biggest trends within the insurance industry – which, using Foxquilt’s technology, can empower non-insurers like tour operators and car rental companies to offer relevant insurance products at the point of sale, embedded directly into their existing online channels.

Mark Morissette, CEO & Co-Founder of Foxquilt, says: "This investment reinforces the trust our investors have in our embedded insurance technology and its potential to reshape the way insurance is delivered. We are excited about the opportunities ahead and our ability to provide even more expansive insurance solutions to our customers."

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