Canadian insurtech raises $3.5m to support SMEs through COVID-19

Canadian insurtech Foxquilt has raised $3.5 million in seed funding to create new insurance products for small businesses.

Foxquilt's underwriting platform leverages smart data and machine intelligence, to create innovative and tailored insurance products. The company aims to become a full-service insurance provider with a self-serve platform - allowing customers to purchase policies online and amend policy features as their business changes.

Mark Morissette, CEO and co-founder of Foxquilt, said: "Receiving our $3.5M seed round allows us to move forward in transforming our insurance platform to become a full-service provider, so we can continue supporting small business owners through COVID-19 and beyond.

"Our group has hired nine additional team members across all functions in the past sixty days. We are excited to further pursue our mission to become the leading Commercial Insurance Technology company in North America."